Know The Difference Minute

91% predict a recession in the next year. Only 34% think it’ll be mild and short.

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What’s the boss think?
Welcome to the Know the Difference Minute for Tuesday, October 4th.
Last week, we covered CFO’s and their view on the economy and recessionary conditions. Today, we hear from the CEOs. Their tone is more somber. This comes from a 400-person KPMG survey of large US companies. Bottom line, 91% predict a recession in the next year. Only 34% think it’ll be mild and short.
More than half of the CEO’s are considering workforce reductions. They also intend to make changes to longer-term spending plans—but are cognizant that cutting too many jobs and reducing spending too much expose their companies to greater risk.
The silver lining—many CEOs believe their companies are in stronger shape now to deal with harsh economic reality than in 2008. Plus, there was a dress rehearsal during the pandemic. Most hope for a quick takeoff in the economy again after a slowdown.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.