NEW YORK (AP) — Corri Smith is planning to hire a full-time project manager for her public relations firm and make her part-time assistant full-time. But she has a wary eye on the economy.

“It’s been a long time since we’ve had some trouble in the economy. It can’t all be wonderful — something will happen,” says Smith, owner of Charlotte, North Carolina-based Black Wednesday.

Smith, who believes an economic downturn is likely in the next 12 to 18 months, says. “I will be extra cautious with hiring alongside also making plans to stockpile and save revenue.” She’s aware that marketing is one of the first budget items to be slashed when corporate executives are anxious about profits.

Small business owners, who have taken a conservative approach to hiring during the economic expansion, are becoming even more careful amid concerns that the economy is weakening. They’re well aware that economists believe the country’s gross domestic product slowed considerably in the second quarter — forecasts give the GDP an annual rate of about 2%, down from 3.1% in the first quarter. Owners’ concerns and caution are increased by the Trump administration’s trade wars.

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