'From the pandemic to inflation to rapid interest rate hikes... the economy that has suffered serial shocks in recent years.'
CEOs continue to send the same message about the U.S. economy: A recession is looming but persistent strength in the labor market will endure. Typically, corporate executives would be focused on cutting costs and jobs amid such uncertain times, but they instead anticipate the job market will stay competitive.
Three sets of survey responses support this conclusion: First, only 20% of CEOs intend to reduce their workforce over the next 12 months. A surprising 33% expect to continue hiring and a sizable 46% anticipate no changes in staffing. Second, 75% of CEOs intend to raise wages by 3 percentage points or more over the next year and another 20% plan to raise wages by 1–3 percentage points over the same period. Meanwhile, a total of only 5% either anticipate no changes in wages or aim to cut wages .
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