Nearly two-thirds of small and midsize U.S. businesses expect the country will enter a recession in 2023, according to a new study that showed rising prices as a top concern for companies after months of sky-high inflation.
JPMorgan Chase’s 2023 annual Business Leaders Outlook survey, released Thursday, finds 65% of midsize firms and 61% of small businesses anticipate a 2023 recession, and a majority of leaders of smaller firms said they expect higher prices to stick around.
More than 90% of midsize company leaders said their businesses were experiencing challenges due to inflation, and 45% of small business owners cited rising prices as their top concern, a 20% increase from last year’s survey.
“Inflation has been a challenging headwind impacting businesses of all sizes, across all industries,” said Ginger Chambless, head of research for JPMorgan Chase Commercial Banking. “While we have seen some encouraging signs that inflation has started to moderate and should cool over 2023, businesses may still want to consider adjustments to strategies, pricing or product mixes to help weather the storm in the near term.”
To see the full survey, click here.
