MADISON —Wisconsin businesses are dealing with surging inflation, a worker shortage crisis and increased troubles getting supplies.
A new Wisconsin Manufacturers & Commerce (WMC survey) finds nearly nine in 10 companies say they are experiencing delays or other challenges related to their supply chain.
Among these businesses, 90 percent saw an increase in the cost of supplies and nearly one-third had to turn down orders, according to WMC. And some employers had to change suppliers, produce more products in-house and even cancel entire product lines indefinitely.
“It should come as no surprise that a global pandemic and related government shutdowns severely disrupted Wisconsin’s supply chain,” said WMC President & CEO Kurt Bauer. He said the problem is being compounded and sustained by government.
“Instead of empowering the private sector to respond to this enormous challenge, the Biden Administration continues to push problematic policies that decrease the accessibility of reliable domestic energy, drive historic inflation and further stress our already strained supply chains,” Bauer said.
Inflation is at levels not seen in 13 years, and nearly 80 percent of Americans blame the president’s policies for surging prices, according to a new Fox News poll released Wednesday. About 70 percent of respondents say the national economy is in bad shape, and the majority — 86 percent — are concerned about inflation.
In Wisconsin, a new Marquette University Law School poll finds only 38 percent of registered voters surveyed say the Badger State is headed in the right direction, while 51 percent believe it’s on the wrong track. That number has plummeted since March 2020, when 61 percent of respondents said the state was going in the right direction.
Wisconsin employers have struggled to find enough workers. Evers has refused to end a weekly federal unemployment bonus payment, The subsidy has proved to be a disincentive to the unemployed getting back into the work force, economic experts say.
The WMC survey also finds many Wisconsin companies are faced with increasing concerns about cybersecurity. The Survey finds over half of businesses have experienced cyber-attacks in the past year.
These attacks came in the form of phishing emails, malware and man-in-the-middle threats, among others. At the same time, Wisconsin businesses are taking extra steps to protect themselves and their data. Over 70 percent have increased employee education about cybersecurity, 68 percent have updated IT protocols and 50 percent have performed a cybersecurity audit.
Despite the challenges, more than eight in 10 employers say they are optimistic that both the state and national economies will experience growth in the next six months.
Read the Wisconsin Employer Survey – Economy, Cybersecurity & Supply Chain report.