During the third quarter, the majority of small-business owners reported feeling optimistic about the economy, according to a U.S. Chamber of Commerce and MetLife Small Business Index.
“Small businesses are important to our local communities and the national economy. Their increased optimism this quarter reflects the trends of the broader business environment,” James Reid, MetLife’s executive vice president for regional & small business solutions, said in a press release.
The third-quarter report indicated a 1.7 point increase compared to the second quarter, rising from 60.6 to 62.3. Fifty-six percent of entrepreneurs surveyed conveyed an expectation of increased revenue in the coming year.
Eighty-one percent said they felt comfortable regarding current cash flow. Significantly, results overrode existing cautions regarding hiring and outlay in the immediate future.
Among those queried, half noted a lack of qualified candidates to meet hiring requirements, citing a shrinking labor pool and urging increased vocational and technical training nationwide.
“Small business owners need a qualified workforce to unlock the full potential of their sector,” Suzanne Clark, senior executive vice president at the U.S. Chamber of Commerce, said in the release. “Insights uncovered in this quarter’s Small Business Index reinforce the importance of the business community and our education leaders collaborating on effective ways to close the skills gap. It’s a must to produce a workforce that in turn will power a stronger economy.”
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