Connect with us

Headlines

Small-Business Owners Are Feeling More Upbeat — but Most Still Won’t Do This

mm

Published

on

The glass is half full, more or less.

Owners of small businesses — and mid-sized ones, too — are feeling pretty good about the U.S. economy, according to the latest PNC Economic Outlook Survey.

But for the most part, that optimism isn’t translating into hiring plans for the next six months.

About 71 percent of respondents said they’re optimistic about the national economy. That’s the highest the number has been since 2005, according to PNC.

And 77 percent are optimistic about their local economy.

Advertisement

Half of businesses surveyed said they expect their sales to increase during the next six months and 47 percent said profits will rise.

But only 22 percent expect to hire new full-time employees. In the spring survey, that number was 24 percent.

About two-thirds of businesses said they will maintain the same number of full-time workers, while 8 percent plan to reduce staff.

“The glass for small business owners appears half full instead of half empty, but they aren’t ready to buy a round for everyone,” said Stuart Hoffman, PNC’s chief economist. “We expect to see moderate economic growth for the rest of this year with enough improvement for a federal funds rate increase at the Federal Open Market Committee’s meeting in December.”

Asked what term best describes their feelings about the business climate during the next six months, “hope” was chosen by 55 percent. This compares to 16 percent for “enthusiasm.” On the negative side, 11 percent chose “fear” and 4 percent picked “despair.”

Advertisement

Read more from PNC

Small-Business Owners Are Feeling More Upbeat — but Most Still Won’t Do This

SPONSORED VIDEO

Meet the Next Generation of Smart Glasses

Ray-Ban Meta is now available with a full range of lenses, as a complete pair or edged lens. Prescription orders eligible through select insurance providers, including Eyemed and private pay. The Ray-Ban Meta collection combines iconic design with cutting-edge technology. Capture life’s best moments and livestream to Facebook and Instagram with an upgraded 12 MP camera and five-mic system. Stay connected with hands-free calls and messages. Listen to your favorite tracks through built-in speakers. Spark your creativity, get information and control your glasses with your voice – powered by Meta AI. All while keeping your phone in your pocket. For more information, visit here.

Promoted Headlines

Most Popular