The U.S. Chamber of Commerce released its quarterly Small Business Outlook Survey on Monday with some pretty grim results. The survey of more than 1,400 small-business owners revealed that:
- An overwhelming 84 percent believed the U.S. economy is on the wrong track.
- Nearly 50 percent of the small-business owners cited economic uncertainty as their greatest challenge
- The U.S. debt and deficit and health-care reform were close behind, at 47 percent and 39 percent, respectively.
- Forty-six percent of respondents said their uncertainty for the future is driven by the federal debt and deficit.
- As far as the economy, 79 percent of respondents just want Washington to “get out of the way”.
- 85 percent said they’d rather Washington provide more certainty than more assistance.
- Fifty-five percent of respondents cited economic uncertainty as the greatest or second greatest issue that will stop them from hiring new employees.
- 34 percent said a lack of sales would stall hiring efforts.
- As unemployment hit 9.2 percent in June, the small-business jobs outlook doesn’t seem to improve much over the next year.
- 64 percent saying they will keep the same number of employees. One bright spot: Only 12 percent plan on cutting staff, down from 29 percent last year.
- With just 20 percent of respondents optimistic that American’s best days are ahead, small-business owners will continue to operate cautiously
- 62 percent more fearful of what Washington will do next than what they’ve already done.
View the entire summary of the small business report.
