Could 26, 2023

Little and midsize businesses’ self-confidence in the economy is on the wane, according to the “Q2 2023 Major Street Index” released this week by Cbiz Inc., a provider of monetary, 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 compact and midsize enterprises have a damaging or neutral outlook on the economy, and only 49% reported a constructive or incredibly constructive business enterprise self-confidence more than the subsequent six months. In addition, a lot more 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 Major Street Index shows the Fed’s actions, along with other components, are beginning to open a lot more cracks in the foundation of the economy.”

The report stated 27% of respondents reported larger interest prices have been impacting the funding wants of their enterprises, up from 17% in the very first quarter.

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

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