We’re in the season of optimism! Small business confidence has hit a high that hasn’t been seen since early 2020, according to the Small Business Index released by the U.S. Chamber of Commerce and MetLife. Last quarter, the index saw a score of 62.3, and the score for this quarter has shot all the way up to 69.5. This index is based on measurements of small business owners’ expectations and feelings surrounding the business environment.
By the numbers: There are several factors that contributed to the drastic jump in confidence among small business owners:
73% expect their revenue to increase in the next year
46% expect to increase investment in the next year
71% believe hiring workers with AI skills could save them time
67% believe hiring workers with AI skills could save them money
40% tried different AI tools to suit their needs
49% plan to try AI tools in the next year
Yes, but: While the overall sentiment this past quarter was positive, inflation continues to present as a major issue for small businesses. For the eight quarter in a row, it was named the biggest problem facing American small business. Even with the threat of inflation, small businesses have a sunny outlook for the upcoming months!
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