Business owners are pessimistic about the future economy.
Another Recession? More Minnesotans Are Thinking That’s True
Confidence
in a recovering economy has hit a wall and is now dropping back to 2014 levels,
with one in three small business owners feeling the national economy is in a
recession, according to a recent U.S. Bank Small
Business Annual Survey.
“Business
owners are still in a cautious mode, second-guessing future decisions,” said
Ross Carey, executive vice president and head of business banking at U.S. Bank,
according to Business Wire. “Business is good, though they wonder if another
shoe will drop in the economy.”
While
many Minnesota business owners still feel the state is better off than the
nation economically, business conditions
are down from last year, and an overall pessimism regarding the
national economy dominates.
Taxes
and healthcare demands rank among the biggest concerns for small business
owners, according to the survey. And though things aren’t bad for owners right
now, many businesses remain hesitant to expand.
The
most recent NFIB Small Business Economic Trends Report echoed that,
highlighting a decline in owners expecting business conditions to improve in
the next sixth months. Overall, the report showed that small business optimism
rose 1 point in April to 93.6, which still stands below the 42-year national
average of 98.
“Overall,
there is no exuberance to be found in the economy and small business owners
will just continue to plod along,” NFIB Chief Economist Bill Dunkelberg said.
