Washington, D.C. (June 7, 2022)—Today, the Job Creators Network Foundation (JCNF) released its May Small Business IQ Monthly Poll of 500 small business owners—marking the one year anniversary since the survey launched. Since May 2021, JCNF, in partnership with pollsters John McLaughlin and Scott Rasmussen, has regularly measured the pulse of the small business community—providing valuable insights to policymakers, key influencers, the media, and general public.
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. Meanwhile, as Main Street faces high inflation and other economic challenges, 75 percent of small businesses say they have or are anticipating raising consumer prices. Of those that increased prices, 82 percent added the increase was either “a lot” or “significant.”
Other key takeaways include:
- Inflation is a huge concern for small businesses with 73 percent saying the Biden administration isn’t doing enough to fight it.
- In May of 2021, 55 percent of small businesses said the climate for small business was fair or poor. That number rose to 63 percent as of May 2022.
- Only 51 percent of small businesses think sales will increase in the next three months.
- Fifteen percent of small businesses name supply chain issues as a top concern.
Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“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 entrepreneurs are worse off now than twelve months ago. After peaking in July 2021, overall small business sentiment is depressed as employers face high inflation, supply chain disruptions, the threat of new taxes, and skyrocketing transportation costs. To make matters worse, instead of addressing these issues, the Biden administration has elected to play the blame game and mislead the American people with political spin. The small business community needs a problem solver, not a spinner-in-chief.”