We surveyed clients and prospects across a diverse range of industries around our Midwest footprint to gather valuable insights into business expectations heading into the third quarter of 2024 and beyond.
The survey results indicate a cautiously optimistic business outlook for the 3rd quarter. A majority of respondents (52%) expect flat sales, while 39% anticipate strong sales. The economy is the leading concern (40%), followed by sales (22%) and recruiting/hiring (17%). Employee retention (31%) and sales (29%) are the top sources of optimism.
The economy is expected to have the most significant impact on business (69%), with supply chain issues also being a considerable factor (37%). Most companies plan to maintain current staffing levels (69%) and payrates/benefits (75%), with a notable portion considering increases in both areas (29% for staffing and 23% for payrates/benefits).
Here are the survey questions and responses:
What are your business expectations for the 3rd quarter?
• We anticipate weak sales 9%
• We anticipate flat sales 52%
• We anticipate strong sales 39%
What is the leading concern you have going into the 3rd quarter?
• Economy 40%
• Recruiting/Hiring 17%
• Supply Chain 9%
• Sales 22%
• Employee Retention 8%
• Technology Adoption 4%
What are you most optimistic about going into the 3rd quarter?
• Economy 5%
• Recruiting/Hiring 14%
• Supply Chain 12%
• Sales 29%
• Employee Retention 31%
• Technology Adoption 9%
Which of the following factors do you think will impact your business in the next twelve months? Check all that apply.
• Economy 69%
• Supply Chain 37%
• Competition 29%
• Labor Shortages 29%
• Budget Cutbacks 18%
• Technology Integration 17%
• Training Requirements 12%
• Employee Health/Safety Concerns 8%
What are your forecasted hiring expectations for the 3rd quarter?
• Decrease staff 2%
• Maintain same levels of staff 69%
• Increase staff 29%
What pay/benefits changes are you anticipating in 2024?
• We are looking at potential cuts in payrates and benefits 2%
• We are looking to maintain current payrates and benefits 75%
• We are looking to increase payrates and benefits 23%
While the Q3 forecasting survey results indicate there are concerns about the economy and sales, it’s encouraging to see a significant portion of businesses anticipating strong sales and considering staff increases.
As we move forward, it will be important to monitor economic trends, address supply chain issues, and maintain a balance between cautious planning and growth initiatives.
