May possibly 26, 2023

Compact and midsize businesses’ self-assurance in the economy is on the wane, according to the “Q2 2023 Key Street Index” released this week by Cbiz Inc., a provider of economic, insurance coverage and advisory solutions. Staffing issues have been a single be concerned.

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

A survey for the report located 51% of modest and midsize enterprises have a unfavorable or neutral outlook on the economy, and only 49% reported a good or incredibly good small business self-assurance more than the subsequent six months. In addition, extra than seven in ten anticipated a additional downturn in the economy.

“There’s a lagging impact to final year’s interest price hikes,” Anna Rathbun, chief investment officer of CBIZ Investment Advisory Solutions, stated in a press release. “The most up-to-date CBIZ Key Street Index shows the Fed’s actions, along with other elements, are beginning to open extra cracks in the foundation of the economy.”

The report stated 27% of respondents reported greater interest prices have been impacting the funding desires of their enterprises, up from 17% in the 1st quarter.

Practically half of respondents to Cbiz’s survey, 48%, listed employee retention as a cease concern, up from 25% in the 1st-quarter report. The most up-to-date survey also located that 56% are worried about obtaining adequate skilled workers on employees.

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