— In a recent national survey, Northwestern Mutual found many respondents are reducing expenses and saving money to prepare for a possible recession.
According to the Milwaukee financial services company’s 2023 Planning & Progress Study, 67 percent of respondents believe the U.S. economy will enter a recession later this year.
Of that number, 33 percent expect it will last one year or less, while 19 percent expect it to extend for more than two years. And at least 75 percent of those expecting a recession say it will have a “high or moderate impact” on their finances.
“Consumers want to know if their wealth building plans and their lifestyles will remain on track if the economy pulls back, and many are taking positive steps to prepare for whatever economic season may come,” Christian Mitchell, the company’s chief customer officer, said in a release.
While 64 percent of respondents said they’re cutting costs amid the current uncertainty, 50 percent said they’re adding to their savings and 41 percent said they’re putting off large purchases until the economy is on more “stable footing.”
Northwestern Mutual notes even those with higher net worth are taking steps to prepare for a possible downturn. Among respondents with “total household investable assets” of more than $1 million, 50 percent are building up their savings and 38 percent are postponing large expenses.
When asked about top financial worries, 51 percent of those surveyed pointed to inflation, 26 percent said recession and 24 percent said gas prices. Fifty-four percent said they expect inflation to continue rising this year, compared to 19 percent who expect it to decline and 27 percent who expect no change.
The survey report includes a breakdown by generation of major purchases and life decisions being postponed in the current environment. Younger respondents are generally more likely to be putting off things like buying or building a home, changing jobs, starting a business and getting married.
Meanwhile, the company is also highlighting “some significant red flags” for members of Generation X, including those born between 1965 and 1980. More than half of those in this age range say they won’t be prepared for retirement, and on average, these respondents say there’s a 46 percent chance they might outlive their savings, according to the release.
Plus, they report feeling lower levels of financial security than members of Generation Z, Millennials or Baby Boomers, the survey found.
The latest Planning & Progress Study was conducted online between Feb. 13 and March 2, including 2,740 U.S. adults.
See more on the study: https://news.northwesternmutual.com/planning-and-progress-study-2023
See a recent story on recession expectations: https://www.wisbusiness.com/2023/experts-agree-recession-likely-later-this-year/
— One of Wisconsin’s largest dairy farms has agreed to stop spreading liquid manure in exchange for avoiding groundwater monitoring standards.
Kinnard Farms made the agreement after suing the Department of Natural Resources last year over the department’s requirement to limit herd size and begin groundwater monitoring in areas with nitrate contamination from manure. The concentrated animal feeding operation is in Casco.
The operation has struggled with pollution issues. Kinnard last month in a settlement with the state Department of Justice agreed to pay $215,000 in fines and upgrades to waste storage facilities in Wisconsin if DNR finds the upgrades are needed.
Kinnard under the most recent agreement plans to stop spreading liquid manure within four years; DNR can impose groundwater monitoring requirements if the operation doesn’t stop spreading. The agreement does not mention herd size at all.
The settlement requires Kinnard to continue working with a company to separate water from the liquid manure Kinnard produces and then apply the remaining solid manure to its land. Kinnard must regularly provide progress updates on the new technology under the agreement.
Owner and President Lee Kinnard in a statement praised the settlement and those involved for pursuing “the common goal of protecting our precious water and soil resources.”
“In facilitating this settlement, the DNR deserves credit for recognizing the potential of the technology, the value of providing flexibility within a regulatory framework and the usefulness of collaboration,” he said.
See the statement: https://www.wispolitics.com/2023/kinnard-farms-statement-from-lee-kinnard-2
See the settlement: https://www.wispolitics.com/wp-content/uploads/2023/05/230515Kinnard.pdf
— Twenty-one businesses in the state are getting funding this year through DATCP’s Dairy Processor Grant program.
After getting 38 grant requests totaling more than $1.5 million, the agency selected recipients for grants up to $50,000 each. According to yesterday’s release, a total of $400,000 was available for grants this year, with recipients providing at least a 20 percent match.
“Dairy processors are key to Wisconsin’s position as a national and global leader in the dairy industry,” DATCP Secretary Randy Romanski said in the release. “Our processors are constantly adapting, and it is clear that demand for these grants that support innovation is high.”
Recipients are putting the grant dollars toward a variety of projects including wastewater treatment plants, marketing development plans, cybersecurity investments, cheesemaker training programs, waste reduction efforts and more.
See the full list of recipients here:
— U.S. Venture and gener8tor have announced the first cohort of startup companies taking part in a new accelerator program based in Appleton.
Each company selected for the U.S. Venture Sustainability Accelerator is getting a $100,000 investment to help develop their solutions in sustainability or mobility. Along with the financial support, participants get access to mentorship services through gener8tor’s established entrepreneurial network.
“We’ve seen the incredible economic impact of corporate-backed investment accelerators in other parts of the country, and we’re excited to bring that same impact to Appleton,” said Andrew Schmitz, the program’s managing director.
After reviewing more than 400 applicants, program organizers selected the following five companies:
*Nectar, a Canadian business that’s developing mobile electric vehicle chargers and related software for commercial fleets.
*New Day Hydrogen, a Colorado startup developing a fueling system aimed at replacing diesel fuel with clean hydrogen.
*In Bold Print, out of Chicago. This company has a platform that helps small to medium companies offering consumer goods measure carbon emissions.
*Sativa Building Systems, based in the village of Wittenberg in Shawano County. This company manufactures panels for wall construction made of hemp.
*Torev Motors, a Virginia company developing new electric motors for the transportation industry.
See more in the release: https://www.gener8tor.com/news/gener8tor-and-us-venture-announce-inaugural-cohort-of-us-venture-sustainability-accelerator/
<br><b><i>Top headlines from the Health Care Report…</b></i>
— UW Health last year had more than four times as many injury cases from falls than from car crashes, making it the health system’s largest trauma category.
<i>For more of the most relevant news on COVID-19, reports on groundbreaking health research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics.com and WisBusiness.com.</i>
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#TOP STORIES#
# Survey: Value of Wisconsin farmland continues to climb in 2023
# CUNA Mutual workers plan to strike Friday unless deal is reached
# Mega-landlord Berrada loses eviction case in Wisconsin Court of Appeals
#TOPICS#
# AGRIBUSINESS
– Resiliency helps young farmer adapt after tragedy
http://wisconsinagconnection.com/story-state.php?Id=490&yr=2023
– Beef Fest highlights National Beef Month at Farm Wisconsin
http://wisconsinagconnection.com/story-state.php?Id=489&yr=2023
– Massive Kewaunee farm, DNR reach settlement on manure spreading, water monitoring
# BANKING
– Checking in on Wisconsin banks
# CONSTRUCTION
– Bronzeville site draws two affordable apartment development proposals in $20M range
– 4 corporate campuses among Green Bay-area sites to watch redevelop
# ECONOMY
– Milwaukee among cities challenging Census undercounts
# EDUCATION
– Lakeland University to move its Milwaukee center to Waukesha County Technical College
# ENTERTAINMENT & THE ARTS
– Indigenous hip-hop star Supaman visits Wisconsin reservation, spreading motivation and Native pride https://www.postcrescent.com/story/news/native-american-issues/2023/05/15/indigenous-hip-hop-star-supaman-visits-wisconsin-menominee-reservation/70212189007/
# ENVIRONMENT
– Wisconsin environmental regulators settle wastewater lawsuit with large dairy farm
# MEDIA
– Twelve-year-old CEO, high school students pitch companies on Project Pitch It
# POLITICS
– Wisconsin’s budget forecast dips slightly, still projected to be near $7 billion surplus
– Republicans announce bill to help communities cope with PFAS. Here is what to know about the bill
# RETAIL
– Nutkrack, Madison-made candied nuts, rebrands as Fortune Favors
# SPORTS
– Wisconsin Club sells its golf course to Florida company for $6.3 million
– With AmFam Field funding on the line, talks turn again to ‘jock tax.’ Here’s how much money is at stake.
– Brian Anderson discusses return to Brewers telecasts, future of Bally Sports: Q&A
# PRESS RELEASES
<i>See these and other press releases:
https://www.wisbusiness.com/press-releases/ </i>
Free Market Coalition: Encourages co-sponsorship of LRB-2922: “The Know Your Healthcare Act”
Marquette University: Names Dr. Paul Nolette director of Les Aspin Center for Government
