Small Businesses’ Confidence in the Economy Dip – But There’s Good Side
Recent data from the U.S. Chamber of Commerce and MetLife’s Small Business Index (SBI) shows small businesses’ confidence in the economy dropped to 61.3 percent in the 4th quarter (Q4) of 2023, down from a recent high of 69.2 percent in Q3. According to the data, less than 25 percent of small businesses surveyed say the U.S. economy is in good health which is down eight points from Q3.
On the positive front, about two-thirds (64 percent) of small businesses say the health of their business is very or somewhat good. Over two-thirds (67 percent) of small businesses say they are somewhat or very comfortable with their current cash flow.
In South Carolina, the Palmetto Business Barometer measures business conditions and attitudes every month to better understand the conditions South Carolina employers are facing. Similar to the Q4 results of the SBI, the November results of the Palmetto Business Barometer showed that the business average performance rating stayed at 7.1, down from peak levels in late summer/early fall, which shows that confidence in the economy may have slightly dipped. Positively, over two-thirds (68 percent) of businesses surveyed said that their revenues either exceeded or met expectations over the past month which is up from 63 percent in October.
Find the results of the Palmetto Business Barometer here and take the December survey today.
