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Small Businesses: Difference between revisions
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* Employment measures by ADP, have only declined in the very small businesses (1-19 employees), but still less than 1% y/y drop. Job growth is declining for most business sizes. | * Employment measures by ADP, have only declined in the very small businesses (1-19 employees), but still less than 1% y/y drop. Job growth is declining for most business sizes. | ||
* CFO survey reports that from Q1 to Q2 expected 2023 revenue fell from 7.2% to 2.3%, but expected employment growth increased from 2.2% to 6.1% | * CFO survey reports that from Q1 to Q2 expected 2023 revenue fell from 7.2% to 2.3%, but expected employment growth increased from 2.2% to 6.1% | ||
* Inflation is still considered the biggest concern among small businesses. If inflation does not ease, small businesses could continue to struggle especially as pricing power is diminishing. | * Inflation is still considered the biggest concern among small businesses. If inflation does not ease, small businesses could continue to struggle especially as pricing power is diminishing. | ||
* Job openings is still high, and firms seems to still have the disare to hire more workers. | * Until now price increases have come down almost to levels seen on average. | ||
* Job openings is still high, and firms seems to still have the disare to hire more workers, however hiring plan have started to cool. | |||
* Due to the uncertainty, higher rates, and financing conditions small businesses are pausing plans for expansion or larger spending. | * Due to the uncertainty, higher rates, and financing conditions small businesses are pausing plans for expansion or larger spending. | ||
* Much like in 2008, small businesses seem to be in a more difficult position than larger firms. | * Much like in 2008, small businesses seem to be in a more difficult position than larger firms. | ||
* Tightened standards have increased considerably for small firms, but falling demand for loans is what seems to be more prominent. This is also a similar pattern that in the 2008 crisis, and in line with companies not planning to expand. | * Tightened standards have increased considerably for small firms, but falling demand for loans is what seems to be more prominent. This is also a similar pattern that in the 2008 crisis, and in line with companies not planning to expand. | ||
* Credit conditions are still not a big problem for most businesses, however rates paid are te highest since June 2007. | |||
=== Others === | === Others === | ||