New Job Creators Network Foundation Small Business Poll: Small Business Optimism Ticks Up, But Entrepreneurs Are Concerned About Inflation and Taxes
Washington, D.C. (June 25, 2021)—Today, the Job Creators Network Foundation (JCNF), released the data from its June Monthly Monitor poll of 500 small business owners. The poll’s Small Business Intelligence Quotient (SPIQ) index-tracking overall small business optimism ticked up from 59.8 in May to 60.9 (+1.1) in June. Assessments of current business conditions dipped by 1 point from 61.8 to 60.7 while future expectations increased by nearly 3 points, from 58.3 to 61.0. It’s important to note that this poll tracks current businesses and not the hundreds of thousands of small businesses that have closed their doors over the past 12 months. The biggest concerns for small businesses right now are inflation, client spending/economy, operating costs, and taxes.
According to the latest data, small businesses are optimistic about the future, but only 8 percent say they’ve recovered from the pandemic completely. many are still recovering from the economic problems of the last year. Although on the path to recovery, the small business community is in a vulnerable position and is concerned about the economic threats coming from Biden administration policies. The topline findings include:
- In May, the economy and client spending was named by nearly 36 percent of small business owners as their biggest or second-biggest concern—in June that number dropped ten points to 25 percent.
- Small business owners are concerned about inflation. More than 32 percent of small businesses named inflation as their biggest or second-biggest concern right now. A related issue—operating costs—was named by 24 percent as their biggest or second-biggest concern right now.
- 87 percent of small business owners are concerned about states raising taxes on unemployment insurance and workers’ compensation.
- Only 9 percent of small businesses say they’ve already recovered from the economic effects of the pandemic, with 42 percent saying it’s going to take at least another 6 months.
- While small business owners who survived the pandemic are feeling optimistic about their own businesses, they are more critical of the current economy as a whole. A majority (57 percent) rate the economy as fair or poor.
- Only 10 percent of small business owners are “very familiar” with the Pro Act, which would make radical changes to labor law, favoring union bosses. However, when told that the Pro Act would eliminate Right to Work laws, 60 percent of small businesses were against the bill.
View more polling details and cross tabs here.
Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“The JCNF Monthly Monitor shows that small business owners are still struggling, but have optimism for the future. Their real concerns over inflation and costs should make legislators and the Biden administration think twice about their plans to spend trillions on projects and programs that have little to do with infrastructure and job creation.”