May well 26, 2023

Tiny and midsize businesses’ self-assurance in the economy is on the wane, according to the “Q2 2023 Primary Street Index” released this week by Cbiz Inc., a provider of economic, insurance coverage and advisory solutions. Staffing issues had been 1 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 discovered 51% of modest and midsize enterprises have a adverse or neutral outlook on the economy, and only 49% reported a optimistic or quite optimistic enterprise self-assurance 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 current CBIZ Primary Street Index shows the Fed’s actions, along with other aspects, are beginning to open a lot more cracks in the foundation of the economy.”

The report stated 27% of respondents reported larger interest prices had been impacting the funding requirements of their enterprises, up from 17% in the initially quarter.

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

The survey for the present report incorporated responses from 753 enterprises with fewer than one hundred personnel in 31 industries across the US. It took location from April 24 to May well five.