Why Small Business Owners Are Feeling Gloomy
America’s small business owners are becoming increasingly gloomy about the economy, according to a spring survey by Bank of America. Just 29 percent think the national economy will improve over the next 12 months, compared to 48 percent who thought it would improve this time last year.
Business owners are slightly more confident in their local economy, which 38 percent see improving over the next year.
One big concern weighing over business owners is the quality of leaders in government—79 percent list the effectiveness of U.S. government leaders was the No. 1 concern. In this election year, small business owners list taxes and health care as the two biggies that would decide their vote.
Just 51 percent expect revenue to increase in the next year (down from 63 percent a year ago), and only 22 percent have plans to hire more employees this year (down from 46 percent a year ago).