Wisconsin employers worried about rising costs

Wisconsin employers worried about rising costs

February 25, 2022 0 By Benjamin Yount

Nearly half of businesses in Wisconsin have seen prices rise more than 10% and one in five of those companies have seen prices jump by more than 20%.

Released Tuesday, the latest Employer Survey from Wisconsin Manufacturers & Commerce shows inflation is becoming a real concern for employers. The WMC is the state’s largest business group.

“Inflation is taking a toll on Wisconsin businesses and ultimately consumers,” WMC’s Kurt Bauer said.

The survey shows 98% of businesses in Wisconsin say inflation has driven their costs up. Eight-two percent of businesses in the state say inflation has hurt them. Surprisingly, 9% of employers in the state say inflation has had a positive impact on their business.

Bauer said the pain that the other 91% of Wisconsin businesses are feeling now will soon be passed down the line.

“When companies are facing 10, 20 and 30 percent cost increases, it means consumers will be next in line for double-digit hikes,” Bauer added. “Unfortunately, we see no signs of inflation easing in the coming months.”

The Employer Survey states that 61% of businesses blame President Biden for inflation, while another 21% blame the coronavirus, and another 13% blame the worker shortage.

The latest Employer Survey also asked businesses in Wisconsin about the supply chain.

Again, most employers in the state say supply chain issues are having an impact on their businesses.

The survey states that 93% of businesses have seen costs increase because of supply chain problems. While another 48% said they had to turn down orders, and 12% of employers canceled product lines because of supply chain issues.

This article was originally posted on Wisconsin employers worried about rising costs