Academic journal article Journal of Accountancy

Small Business Confidence Sags as Economic Growth Slows

Academic journal article Journal of Accountancy

Small Business Confidence Sags as Economic Growth Slows

Article excerpt

The mood of small business owners continued to sour in the second quarter according to a quarterly poll taken by the National Federation of Independent Business (NFIB). The NFIB small business optimism index dropped four points to 94 (1978=100), its lowest level since the fourth quarter of 1990.

NFIB Chief Economist William Dunkelberg pointed to a turnaround in the attitudes of small business owners in 1993. In the first quarter, when the index stood at 102.1, 38% of those polled believed the economy would improve in the six months ahead, while 11% expected a downturn. In July, only 9% looked for improved business conditions in the second half, while 41% expected a downturn.

Dunkelberg cited the slow pace of economic growth as the prime reason for sagging small business confidence. He expected the economy to grow at less than a 2% annual rate in the second half of 1993 as new taxes, more defense cuts and weakness in U. …

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