According to a survey sponsored by the National Federal Independant Businesses – NFIB – more small businesses grew very pessimistic about the economic outlook after facing of weak sales and uncertainty about politics during the last month. It is news like this that is causing many firms to begin the age-old practice of factoring.?
The small business optimism index fell by 3.2 points in June, dipping to 89, and this was after posting several months of gains. Based on 805 responses to a random survey of NFIB members, this survey indicates that seventy percent of the decline for this month resulted from a deterioration in the outlook for business conditions and real sales gains. Very few small businesses plan to create new jobs, according to respondents. The survey also showed that only 10 percent of firms plan new hiring, that is down four points from May. About 8 percent of firms plan to reduce their workforce, up one point from the previous month.
What’s more, declining confidence among these very small businesses could mess up Democratic hopes of an improving economy before the November congressional elections and give Republicans an edge in their bid to retake control of Congress.The number of business owners planning to make capital expenditures over the next few months fell a point to 19 percent, three points above the 35-year record low, the NFIB said.The survey showed more firms are looking at declining sales, more than those expecting higher sales.?
Many small businesses are cutting prices to attract customers and are liquidating inventories, in addition to trying tactics like invoice factoring, so they can at least pay their empployees and bills.
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