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Small Business Confidence on the Rise
Feb 26, 2008
Source: The Merchandise Group
After six months of declining confidence in the U.S. economy, small business owners' attitudes improved in February, according to the Discover Small Business Watch. In February, small business owners' confidence index rose to 90.9, a 4.6-point increase over January and the first time confidence was up since July 2007. According to the survey, 34 percent of business owners said they see economic conditions for their businesses getting better over the next six month, while 33 percent said they would increase spending on business development activities over the next six months. In February, 67 percent of respondents said economic conditions are getting worse, compared to 74 percent in January.
"Small business owners are seeing some of the larger efforts being made to improve the economy, such as the Fed interest rate cuts and slowing down of downward momentum, so they appear to be less apprehensive," said Sastry Rachakonda, director of Discover's business credit card, in a statement. "Not only are they more positive about their perceived notions of the economy, but they indicated this month more willingness to start investing again in their businesses."
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