Survey: Firms expect job cuts in ’23 amid recession fears

NEW YORK (AP) — A survey of national economists says more businesses now expect job reductions at their firms and to spend less on expansions for the first time since the pandemic. The January survey by the National Association for Business Economics is a sign that the Federal Reserve’s push to raise interest rates is doing its job to slow the economy. But the survey shows that business owners are still concerned that the Fed’s decision-making could push too hard on the economy and potentially put the U.S. into a recession this year.

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