Growing Optimism among Business Owners

Small business owners are more optimistic about the economy than they were one year ago, according to The American Express OPEN Economic Pul

Small business owners are more optimistic about the economy than they were one year ago, according to The American Express OPEN Economic Pulse, a survey of small business owners designed to gauge sentiment and future plans. Of those surveyed, 43% think it will improve over the next 12 to 18 months versus 30% in January 2009.

Even with this growing sense of optimism, there is still genuine concern and anxiety about the economy: 38% say their greatest concern is a prolonged recession/“double dip” and 32% list high unemployment. Overall, 68% say the economy stresses them out (on par with January 2009).

Those surveyed said they take advantage of a tax credit for hiring if they had one (51%) however customer demand is by far the greatest determinant in hiring (42%), not tax credits (11%) or access to financing (5%). Almost 60% have not pursued credit in the last 6 months. Of that group, 22% worry about default or bankruptcy and 30% say there isn’t enough demand for their products or services to warrant taking on new debt.

And, federal deficits and high taxes don’t seem to be major concerns (8% and 18%, respectively), when compared to the aforementioned possibility of a “double dip” recession (38%) and high unemployment (32%).

For the full report from the survey, download the American Express OPEN Economic Pulse Fact Sheet.

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