Survey: Businesses say recession is likely, salary reduction is not

CALEB McCULLOUGH Courier Des Moines Bureau DES MOINES — Small and midsized businesses and employees alike are anticipating a recession, but most bu...

December 10, 2022
4:48 AM

CALEB McCULLOUGH Courier Des Moines Bureau DES MOINES — Small and midsized businesses and employees alike are anticipating a recession, but most businesses are not preparing to reduce employee salaries, according to a national survey from Des Moines-based Principal Financial Group.The survey found 70% of businesses and 74% of employees think a recession will likely happen in the next six months.Twenty-nine percent of businesses said they had reduced operating expenses and increased cash reserves, while 26% said they had increased prices for products and services to deal with recessionary pressures.