Tuesday, 07 June 2022 14:40

Small Businesses Say They are Worse Off than a Year Ago

Written by Casey Harper, The Center Square


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Small businesses say they are worse off than they were at the same time last year, according to newly released polling data.

The Job Creators Network Foundation released the poll of 500 small businesses June 7 that shows economic pressures, especially inflation, have put those businesses in a tough spot.


“Last month, the Small Business Intelligence Quotient (SBIQ), an index tracking overall small business sentiment about the economy, fell by 1.5 points to the lowest reading on record---a decline driven by future expectations,” JCNF said. “Meanwhile, as Main Street faces high inflation and other economic challenges, 75% of small businesses say they have or are anticipating raising consumer prices. Of those that increased prices, 82% added the increase was either ‘a lot’ or ‘significant.’”


The poll also found inflation is a “huge concern” for small businesses, reporting 73% say the Biden administration “isn’t doing enough” to combat rising prices.


ABC/Ipsos polling of Americans released earlier the same week found similar results, with only 28% approving of Biden’s handling of inflation.

The JCFN poll found things have gotten markedly worse for small businesses in the past year.


According to the survey, 55% of small businesses said “the climate for small business was fair or poor” in May 2021. That figure jumped to 63% in May this year.


Businesses don’t seem overly optimistic things will improve in the short term, with 51% of surveyed small businesses saying they think their sales will rise this summer.


“After a year of measuring the pulse of Main Street with the only scientific poll of small business owners of its kind, it’s clear...

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