WEAKENED NFIB OPTIMISM READING FELL WELL BELOW THE LONG TERM AVERAGE

HARTFORD (April 14, 2015) – The National Federation of Independent Business (NFIB) Small Business Optimism Survey for March fell 2.8 points to 95.2, the lowest reading since June of last year.  

 

“Today’s findings show Nationally what we continue to see in Connecticut thanks to over regulation and government interference. Small business owners are less than enthusiastic when it comes to making the decision to expand their businesses and how could they be expected to be anything but skeptical at this point in our economic recovery?” asked NFIB Connecticut State Director Andrew Markowski.  “With the costs of taxes, energy and complying with regulations soaring, entrepreneurs are distracted from hiring new employees and improving their infrastructure.”       

 

Although the first quarter of 2015 had solid job creation numbers, plans suggest a weaker job market for the second quarter of the year. Consumer spending, due to the weather, also decreased and saving rates have increased from a lack of optimism in the economy.   

 

The Optimism Index features 10 components.  Last month all 10 components fell, contributing to the 31 point decline in net positive responses.  This was a rare occurrence.  

 

“Until the small business community is satisfied with a strengthening economy and a reduction in government regulation, our fiscal state will improve at a slow, but hopefully steady pace.” Markowski continued.  “It is incumbent upon lawmakers in Connecticut to incentivize our community by staying out of the day to day operations of small, private, businesses.”