From a credit perspective, the NFIB study concluded that 50%
of survey respondents “were not interested in a loan,” scoring one of its
lowest readings in nearly a decade. Despite rising interest rates from the
Federal Reserve, getting credit hasn’t been an issue in years—a mere 2%
reported financing problems and 5% reported loans being “harder to get.”
“Never in the history of this survey have we seen profit
trends so high,” Juanita Duggan, NFIB president and CEO, said in the May 8 report.
“The optimism small business owners have about the economy is turning into new
job creation, increased wages and benefits, and investment.”
Sales numbers not only exceeded expectations for April, but
are also expected to increase in the foreseeable future, according to 21% of
respondents, most notably in construction and manufacturing. As sales
increased, so did spending. The majority of respondents said they directed
spending toward new equipment, while others purchased new vehicles or improved
or expanded their facilities.
Investment is promising in the construction and
manufacturing sectors, the report noted, where 38% and 32% of respondents,
respectively, predict growth in the coming months.
“There is no question that small business is booming,” NFIB
Chief Economist Bill Dunkelberg added in the report. “Consumer spending, the
new tax law, and lower regulatory barriers are all supporting the surge in
optimism across all small business industry sectors.”
-Andrew Michaels, editorial associate
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