Economic Outlook Not So Bright
December is traditionally a very busy, profitable month for retailers, but the latest economic survey for Minnesota and eight other Midwestern states shows another dip in the business barometer for the final month of 2022. Creighton University economist Ernie Goss says the state and regional economies fell further below growth neutral, last month, pointing to higher recession risk for 2023:
“Companies are still hiring. Job additions and employment additions are not, I won’t call it strong but it’s surprising the strength we’re seeing there when everything else is not good. But when we asked about applicants for job openings in the company, 63% reported a shortage of applicants for any job openings they had.”
Goss says about 60 percent of supply managers surveyed expect the economy to slump into a recession in 2023.