Recently released telephone survey results revealed a dip in economic optimism this fall but determined the level remains above that of 2017.
Officials said the PNC Economic Outlook, a semiannual telephone survey of small and middle-market business owners and executives, noted historic optimism about the national economy from the spring (50 percent) fell slightly this fall (40 percent), but is ahead of last year at this juncture.
“Optimism for small and mid-sized business owners about the national economy, their local economies, and their own companies remains near record highs, although it has slipped slightly since the spring, according to our fall 2018 survey,” Gus Faucher, chief economist of The PNC Financial Services Group, Inc., said. “Hiring expectations also are near a record high, as we continue to witness the second-longest economic expansion in U.S. history.”
The survey was conducted by telephone from July 9, 2018, to Sept. 13, 2018, among 503 small and mid-sized businesses nationally. It showed the number of business leaders forecasting rising prices in the next six months gained momentum while small and mid-size business leaders expect wages and hiring to remain near the record highs reported in spring 2018. Eight in 10 business leaders across all industry sectors say they already have taken one or more actions to retain existing or to attract new employees, and four out of 10 respondents report currently selling items or services to or buying items or services from other countries to some extent.