Small business owners are doing OK – but will that help Trump overcome his low approval ratings?
Summary
Small businesses in the United States employ about half the workforce and contribute half of the GDP. While many small business owners remain confident about their current situation, they have concerns about inflation, labor quality, and slowing hiring, with mixed job growth reports for September.Key Facts
- There are 34 million small businesses in the U.S., employing around half the workers.
- The National Federation of Independent Businesses reported a slight decrease in small business optimism.
- Inflation and labor quality are the top concerns for many small business owners.
- Surveys show mixed hiring results: some report job gains, especially in healthcare and social assistance, while others note declines in smaller businesses.
- Revenue for small businesses increased in September, according to Intuit and Fiserv data.
- Small businesses have stable or slightly improving cash flow but are cautious about the overall U.S. economy.
- Employment data from companies like ADP and Paychex indicate that small-business hiring is stable but not growing rapidly.
- Consumer behavior remains selective, with fewer shoppers but potentially higher spending per visit.
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