Small business owners are feeling better about the U.S. economy as inflation cools and recession fears subside, according to a new survey. Indeed, economic optimism among smaller employers is at a 22-year high, PNC Financial Services Group found in polling small and midsize business owners.
A majority of respondents – 55% – said they are “highly optimistic” about the national economy this year. That’s up sharply from 34% last fall and 26% a year ago, according to the Pittsburgh-based bank. Roughly eight in 10 owners also expressed confidence about their own businesses’ financial prospects. Over the next six months, just over half of the business owners who were surveyed think their profits will rise, while only 5% expect earnings to fall.
“The U.S. economy is doing quite well. We had strong economic growth in the second half of 2023, with consumers spending more and businesses investing. That strength is persisting into 2024,” PNC Chief Economist Gus Faucher told CBS MoneyWatch.
The findings are based on a randomized phone survey of 500 small and midsize businesses, which PNC defines as having annual revenue ranging from $100,000 to $250…
