Small business optimism is on the rise – surveys prove
Kate Rogers ’24, February 22, “Economic confidence among small business owners hits highest level since Biden took office,” CNBC, accessed July 18, 2024, https://www.cnbc.com/2024/02/22/small-business-confidence-hits-highest-level-since-biden-took-office.html#:~:text=The%20Small%20Business%20Confidence%20Index,economy%2C%20even%20as%20challenges%20linger.
Even in the face of stubborn inflation, small business owners are striking a more positive tone. Optimism surrounding the economy is rising and the CNBC|SurveyMonkey Small Business Confidence Index reached its highest level since President Joe Biden took office, according to the latest quarterly data released on Thursday morning.
Twenty-eight percent of small business owners describe the current state of the economy as “excellent” or “good,” up five percentage points from the prior quarter and up from 18% year over year, according to the CNBC|SurveyMonkey Small Business Survey for Q1 2024. It’s the most optimistic respondents to the survey have been since CNBC and SurveyMonkey began asking this question in Q2 of 2022.
The Small Business Confidence Index reading of 47 out of 100 marked the highest reading since Joe Biden took office in the first quarter of 2021.
A recent string of data has found consumers and small business owners beginning to show more confidence about the economy, even as challenges linger.
“We’re kind of seeing a potential turn around the corner in terms of small business optimism,” said Sam Gutierrez, senior research scientist at SurveyMonkey, pointing to an uptick in survey responses about economic strength and the general direction in the fight against inflation after two years of stagnation in this survey data.