Wisconsin Economy Defies Recession Predictions But Faces Worker Shortage in 2023
• The economy in 2023 performed better than expected with lower inflation and low unemployment, yet consumer sentiment remained negative.
• Analysts predicted a recession in 2022 that never arrived, but opinions are mixed on whether one will hit in 2024.
• Strong consumer spending has so far prevented a recession, but it's uncertain how long that can continue amidst inflation.
• Businesses are well-capitalized to withstand a potential mild recession, and are investing in technology to offset labor shortages.
• Wisconsin faces the key challenge of attracting more workers from outside the state to fill open jobs.