Confidence hits all-time low in CNBC/SurveyMonkey Small Business Survey, as weak sales outlook and inflation worry a Main Street that says recession is here.
Only a minority of small business owners have confidence in the Federal Reserve to successfully battle inflation — a finding that is consistent with the Q2 survey results.inflation as its top priority and that interest rates will continue to increase
By some measures, the U.S. economy is proving resilient. While big box stores have been hit hard by shifting consumer behavior, overall consumer spending levels are still high. The labor market is strong, unemployment low, andhas given more support to the belief that recession may be avoided. The ISM non-manufacturing purchasing managers index, released Wednesday, showed a surprise rebound.
More small businesses also anticipate cutting staff over the next year, up from 14% to 18% quarter over quarter.
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