Survey: Most Businesses Don’t Expect 2019 Recession 76 Percent Don’t Expect Recession Over Coming Year Job Market, Wage Growth Are Positive Signs Stoller: Economy Begins 2019 “On Strong Footing”
OKLAHOMA CITY, Dec. 27, 2018 – At year end, businesses have confidence in the economy, with most predicting no recession in 2019.
In the December survey of 445 businesses, only 1 percent of respondents expect a recession in the next three months, while 8 percent expect one in three to six months.
Less than one-quarter (24 percent) believe a recession will arrive in the second half of the year.
While media predictions of a recession have increased in recent months, signs of a strong economy abound:
• Unemployment is near record lows at 3.7 percent.
• Real GDP increased 4.3 percent in the third quarter.
• Express Employment Professionals has 16,500 open positions to fill.
• There are more than 7 million job openings across the United States.
Express experts expect steady growth in 2019. Janis Petrini, an Express Employment Professionals franchise owner in Grand Rapids, Michigan, says fears of a recession are overblown.
“The outlook is very similar to what we expected in 2018,” she said. “Growth and demand continue to remain strong. There is a significant amount of ‘talk’ around a recession or adjustment, but this mostly seems media driven as opposed to hard facts and actual experts within individual industries. Most clients see their own industry remaining strong. There may be some slowdown in the automotive sector, but this will be more of the industry returning to normal as opposed to receding.”
Over in Illinois, Terri Greeno, an Express franchise owner in Crystal Lake, notes that “2018 felt hotter” but that she still sees a “steady, slight uptick after the first quarter.”
“I know some people are uneasy at the end of 2018,” said Bill Stoller, CEO of Express. “But when you look at the big picture, the American economy will begin 2019 on a strong footing. Even with such low unemployment, we have an abundance of jobs to fill, and wages have been on the rise.
Clearly there are concerns about what may happen toward the end of 2019, and there are always external forces beyond our control. For now, though, I’m predicting a happy economic new year.”
The survey of 445 businesses, which are current and former clients of Express Employment Professionals, was conducted in December 2018 to gauge respondents’ expectations for 2019.
If you would like to arrange for an interview with Bill Stoller to discuss this topic, please contact Sheena Karami, Director of Corporate Communications and PR, at (405) 717-5966.
About Bill Stoller:
William H. “Bill” Stoller is chairman and chief executive officer of Express Employment Professionals. Headquartered in Oklahoma City, the international staffing company has more than 800 franchises in the U.S., Canada and South Africa. Since its inception, Express has put more than 6 million people to work worldwide.
About Express Employment Professionals:
Express Employment Professionals puts people to work. It generated $3.4 billion in sales and employed a record 540,000 people in 2017. Its long-term goal is to put a million people to work annually. For more information, visit ExpressPros.com.
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