Comment on Today’s National Economic Report

Date: November 10, 2020

Election night showed Californians have had enough

SACRAMENTO, Calif., Nov. 10, 2020—Today’s release of NFIB’s monthly Small Business Economic Trends report (aka the Optimism Index) showing just average performance drew a pointed comment from the association’s state director aimed at a new, incoming Legislature.

“California voters are seeming to realize what rock bottom feels like and aren’t taking it anymore,” said John Kabateck, California state director for NFIB. “They balked at raising taxes on business property, as Proposition 15 appears to be failing; they said ‘No’ to giving local governments even more control over rents by rejecting Prop. 21; and they stopped Big Labor from elbowing its way into the livelihoods of independent contractors by approving Prop. 22.

“California’s economic outlook isn’t rosy, but this last election cycle, NFIB members and voters said ‘enough is enough’ to taking us further down the hole. Let’s hope our new Legislature heeds this and remembers to represent our No. 1 job creators and the people who work for them, not organized labor and plaintiffs’ attorneys who place the interest of their survival and wealth above that of already fragile California taxpayers and communities.”

About the Small Business Economic Trends

The NFIB Research Center has collected Small Business Economic Trends data with quarterly surveys since the 4th quarter of 1973 and monthly surveys since 1986. Survey respondents are drawn from a random sample of NFIB’s membership. The report is released on the second Tuesday of each month. This survey was conducted in October 2020. For more information about NFIB, please visit NFIB.com.

From NFIB chief economist Bill Dunkelberg

On today’s SBET, “Leading up to the presidential election, small businesses continued to focus on stabilizing their businesses but were uncertain about the future economic conditions due to COVID-19 government regulations on all levels. We see solid momentum going into the 4th quarter, and another good quarter could get the GDP back to its 2019 closing levels.”

On last Thursday’s Jobs Report, “The small business labor market is still recovering from the COVID-19 pandemic and the state and local regulations that further hindered small business operations. The large increase in the number of unemployed has done little to help small businesses improve the quality of their applicants. Firms have more openings for skilled workers and are having trouble matching available workers with available jobs.”

Contact: John Kabateck, California State Director, 916-956-9027, [email protected],
or Tony Malandra, Senior Media Manager, 415-640-5156, [email protected]

Keep up with the latest on California small-business at www.nfib.com/california or by following NFIB on Twitter @NFIB_CA or on Facebook @NFIB.CA.

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For more than 77 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.

NFIB
921 11th St. Ste. 400
Sacramento, CA 95814
916-448-9904
www.nfib.com/CA
Twitter: @NFIB_CA
Facebook: @NFIB.CA

 

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