Modest and medium enterprises significantly less confident in the economy personnel issues amongst issues

May possibly 26, 2023

Modest and medium-sized business enterprise self-confidence in the economy is declining, according to the “Second Quarter 2023 Major Street Index” released this week by Cbiz Inc., a provider of economic, insurance coverage and advisory solutions. Staffing issues had been 1 concern.

The index fell to 60 points this quarter from 68 points in the final quarter.

Analysis for this report identified that 51% of SMEs have a adverse or neutral view of the economy, with only 49% reporting optimistic or really optimistic business enterprise self-confidence more than the subsequent six months. In addition, far more than seven out of ten anticipate a additional decline in the economy.

“There is a lagged impact to final year’s price hike,” Anna Rathbun, chief investment officer of CBIZ Investment Advisory Solutions, mentioned in a press release. “The most current CBIZ Major Street Index shows that the Fed’s actions, along with other variables, are beginning to open far more cracks in the economy’s foundations.”

The report states that 27 % of respondents mentioned greater interest prices have impacted their businesses’ financing desires, up from 17 % in the initially quarter.

Almost half of Cbiz’s survey respondents, 48%, cited employee retention as a leading concern, up from 25% in the initially quarter report. The most current survey also identified that 56% are concerned about possessing sufficient skilled workers.

The survey for the existing report integrated responses from 753 companies with fewer than one hundred staff in 31 industries across the US. It took location from April 24 to May possibly five.