Small Business Confidence Drops 14 Points
Small business owners and managers are less hopeful about the economy than they have been in years.
For the second quarter of the year, the U.S. Small Business Confidence Index dropped to its lowest point since it was introduced in 2005. The index fell to 30, a drop of nearly 14 points from the first quarter
The report, from the Illinois-based Small Business Research Board, reflects a poll of 1,000 owners and managers. Only 22 percent of respondents said they intend to increase hiring in the next year, down from 37 percent in the first quarter, and just 28 percent said they think the economy will improve in the next 12 months. Forty percent are projecting revenue decreases for their companies. The Northeast was the most pessimistic region, with an index of 23, while the South/Southwest region was the most optimistic, at 38.
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