Business confidence increasing now – survey data

Optimism has ticked up on Main Street, according to the latest quarterly small business survey from CNBC and SurveyMonkey, but many business owners still have a negative view of the economy. Inflation, labor and supply chain disruptions remain the top three risks, with higher prices far and away the No. 1 concern. In the wake of the collapse of several regional banks, roughly half of small businesses lack confidence in the banking system. While the mood on Main Street has brightened, concerns about the economy, stubborn inflation and the banking system are weighing on small business owners, according to the latest quarterly survey from CNBC and Momentive. Small business confidence for the second quarter rose slightly to 46 from 45 in the first quarter, though that still remains below the baseline for optimism. Forty percent of owners describe their current business conditions as good, up from 34% in the first quarter and nearly half (46%) say they project revenue to increase in the next year. But just 21% say they’d describe the economy as good or excellent — less than half of those that described the economy as “poor” (44%), as challenges continue with inflation and the ongoing labor crunch. The CNBC|SurveyMonkey Small Business Survey was conducted from April 17 through April 24 among more than 2,200 small business owners across the country using Momentive’s platform.