New Poll: Small Business View of U.S. Economic Conditions Hits 14-Month Low
Washington, D.C. (January 11, 2024)—Today, the Job Creators Network Foundation (JCNF) released its December edition of the Small Business IQ Poll of 400 small business employers. The survey reveals that only 24 percent of small businesses have a favorable view of U.S. economic conditions. That’s the lowest proportion of Main Street businesses that believe economic conditions are either “good” or “excellent” in 14 months.
Additionally, about one-quarter (27 percent) said the economy is headed in a positive direction with a majority (51 percent) saying it’s getting worse.
Meanwhile, the Small Business Intelligence Quotient (SBIQ), an index tracking overall sentiment about the economy, increased to 54.3—amounting to a modest bounce back from the series low hit in November. At the same time, concern about high prices among small businesses is also on the upswing—rising by nine points in December. While prices have broadly stabilized, entrepreneurs are still facing bloated costs resulting from the last two years of high inflation.
Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“It’s an unhappy New Year for American small businesses, whose view of the national economy is near a historic low. Only one-quarter believe U.S. economic conditions are favorable. Despite the Biden administration’s claims, Main Street seems to be in for a rocky 2024.”