U.S. Bank: Small Business Owners Disagree on Direction of Economy

SDSBS

Small-business owners in the U.S. disagreed on the state of the economy in 2013, though slightly more thought the economy was recovering rather than contracting, an improvement over last year, according to recent data from a U.S. Bank survey.

Government spending was small-business owner’s top concern, followed by unemployment, health care and taxes according to the survey from U.S. Bank, a unit of U.S. Bancorp (USB), which included 3,210 small businesses. During 2012, health care topped the list.

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About 45% of the respondents said they thought the U.S. economy was in a recovery, while 43% thought the economy was in recession and 10% were undecided.

“Last year, 70% of our respondents said they believed the economy was in recession, so even though we asked the question a little differently this year, it’s clear that small business owners feel a little better about current economic conditions than they did in 2012,” said John Elmore, vice chairman of community banking and branch delivery at U.S. Bank. “However, uncertainty about the federal budget, unemployment and taxes are clearly a concern. If those variables…

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