REPORT: Chamber of Commerce: ‘High Levels’ of Employer Confidence Under Trump
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The third quarter report of the U.S. Chamber of Commerce’s Small Business Index shows “employers are experiencing high levels of confidence about the state of their local economies and their financial future” during President Donald Trump’s tenure.
The Small Business Index is a multiyear collaboration by MetLife and the U.S. Chamber “to elevate the voice of America’s small business owners” highlighting the role of small business in the U.S. economy.
The article goes on to state the following:
Tom Sullivan, vice president of small business policy at the U.S. Chamber, explained the importance of business confidence when it comes to economic growth in a U.S. Chamber and MetLife press release. “Small businesses are the backbone of the American economy,” he said. “It’s important that we provide them with a sense of certainty and work towards finding solutions that enable business growth and create an environment where Main Street businesses can continue to thrive.”
Form the press release (emphasis added):
Small Business Index Reports Record High Optimism
WASHINGTON, Sept. 10, 2019 /PRNewswire/ — Data from the Q3 MetLife & U.S. Chamber of Commerce Small Business Index indicates that employers are experiencing high levels of confidence about the state of their local economies and their financial future. The index overall score increased yet again this quarter to 70.7, up two percentage points from Q2, marking the highest number since its inception.
This indicates that nearly 71% of U.S. small business owners currently have a positive outlook on their companies’ financial future and business environment.
Results from the survey of 1,000 small business owners showed an upward trend in confidence across the board, and more than a five point uptick from Q1 2019. Not only are small business owners confident about the national economy, they are also optimistic about their local economic outlook. More than half of small business owners (56%) report that their local economy is in good health, the largest percentage since Q4 2018.
“Strong local economies have a ripple effect, and create stronger state, regional, and national economies,” said Jessica Moser, senior vice president and head of MetLife’s Group Benefits Small & Specialty Business organization. “Increased small business confidence will allow them to continue to hire and to invest in their businesses, which ultimately helps everyone.”
This quarter’s index casts a spotlight on veteran-owned businesses and the employment of veterans by small businesses. Veteran-owned businesses share the optimism of their peers in the strength of the economy. Almost a third of these businesses (31%) plan to increase investment in the next year, a number 5 percentage points higher than the national average (26%). One in 3 of these businesses reported that securing financing or accessing capital was the largest hurdle in starting their business.
“Small businesses are the backbone of the American economy,” said Tom Sullivan, vice president of small business policy at the U.S. Chamber of Commerce. “It’s important that we provide them with a sense of certainty and work towards finding solutions that enable business growth and create an environment where Main Street businesses can continue to thrive.”
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