Via the U.S. Chamber of Commerce
Published 12/15/2023
The U.S. Chamber of Commerce Q4 2023 Small Business Index fell 7.9 points on a worsening view of the economy, but small business owners remain positive on the health of their own business.
Why it matters: Small businesses are the backbone of the U.S. economy, employing nearly half of the private sector workforce and generating about 44% of U.S. GDP. Their outlook reflects the state of the recovery and the challenges ahead.
By the numbers: The Index's overall score fell to 61.3 from 69.2 last quarter, a return to the scores seen earlier this year and in late 2022.
- 25% of small businesses say the U.S. economy is in good health and 30% say their local economy is in good health, both down eight percentage points since last quarter.
- Over half of those who report searching for new workers in 2023 say it is hard to find candidates with the experience or skills their businesses need.
- 52% of small business owners cite inflation as a top concern.
Zoom out:
Over two-thirds of small business owners remain positive about the health of their own business.