As The National Federation of Independent Business explains, the Small Business Economic Trends report shows that in March, small business owners felt less optimistic about the economy. The index declined by 0.3 points to 92.6, its lowest monthly reading in two years.
The index has turned “decidedly south”, NFIB points out, since December 2014, when it was at a high of 100 points. Four of the 10 components of the monthly index posted gains, however the numbers were still cause for concern. For instance, despite a 4% increase in the number of business owners expecting the economy to improve, the net percentage for March was still negative, at -17%.
Small business owners surveyed in March cited “weak sales and a poor economy” as the top reason they believe “the current period is a bad time to expand.” However, the second-most frequent reason cited was “the political climate,” as this election season continues to create regulatory uncertainty for small businesses.
Additionally, the NFIB found that “owners remain very pessimistic about the economy” in part because this view is “unfortunately reinforced by Fed Chair Yellen’s back peddling on the timing of the next rate hike.”
Commenting on the results, NFIB Chief Economist Bill Dunkelberg cautioned that the small business sector is currently “underperforming, doing little more than operating in maintenance mode.” Although there has been “slow economic growth,” he warned that “there is no exuberance, no optimism and not much hope, the numbers make it clear.”
Dunkelberg concluded of the March index results, “Small business owners remain extremely pessimistic about the economy, and rightfully so. Cost-increasing regulations seem to multiply overnight and there is no clear end in sight.”
Slamming everyone…
There is no cheerleader for the economy who convincingly promises improvement. There is little hope that government will constructively address the problems that concern consumers and small businesses.
The most likely prospects to assume the presidency don’t appear to be connected to reality. There is no prospect that the avalanche of resource-wasting regulations will abate much less be reversed.
The “experts” at the Federal Reserve only raise uncertainty with their pronouncements and seem detached from the real economy, focused instead on financial markets.
Simply put he notes,
"The Fed continues to confuse and confound."
Clearly, small business owners are either:
1. "Peddling Fiction", or
2. Struggling with economic and political uncertainty that appears unlikely to ease in the short-term.
As a reminder (from The NFIB's website):
NFIB is America’s leading small business association, promoting and protecting the right of our members to own, operate and grow their businesses. If you’re an independent business owner, join NFIB today to enjoy exclusive member discounts, business networking opportunities in your local area, free HR support for your business and much more!
Basically the representative of every small business in the US.
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