Along with previously-reported record high levels of small business optimism from NFIB (which has tracked small business optimism monthly since the 1980s), and the recent record high level of optimism by small business owners found by JP Morgan Chase, today there is even more research confirming those previous findings (and the findings before those, etc.). So, if it has not sunk in, the bottom line for the second quarter of 2018 is this: Small business owners are very optimistic.
Update #1 | (Friday, June 1, 2018) In its May employment statistics released on Friday, June 1, 2018, the U.S. Bureaur of Labor Statistics reported that total nonfarm payroll employment increased by 223,000 in May, and the unemployment rate edged down to 3.8 percent. Employment continued to trend up in several industries, including retail trade, health care, and construction.
Update #2 | (Friday, June 1, 2018) Record high levels of small business owners are reporting increased employee compensation and hiring numbers continue to grow, according to NFIB’s monthly Jobs Report.
35% | Seasonally adjusted net increase in labor compensation as owners try to attract needed employees and retain those already on board.
58% | Percentage of small business respondents indicated they are hiring or trying to hire, up one point in the past month and five points since the March report.
83% | Small business owners who reported there are few or no qualified applicants for the positions they were trying to fill.
“While the small business economy is showing tremendous growth, difficulty finding qualified workers continues to be a notable issue,” said NFIB Chief Economist Bill Dunkelberg. “Temporary workers are filling some of these vacancies, but an increased availability of qualified workers would lead to more growth in employment.”
MetLife & U.S. Chamber of Commerce Small Business Index
Today’s research findings come from the quarterly tracking research commissioned by MetLife and the U.S. Chamber of Commerce.
Overview of findings
66% | (Percentage of) Small business owners who are optimistic about their company and the small business environment in the United States.
62% | Small business owners who expect higher earnings and an increase in revenue one year from now.
18% | Small business owners who say they are increasing staff compared to the past year
79% | Small business owners who say they feel comfortable with cash flow.
Variations in responses from Female and Male-owned small business
51% | (Percentage of) Female small business owners reporting good overall health of their business
64% | Male small business owners reporting good overall health of their business
70% | (Percentage of) Female small owners are comfortable with their current cash flow
83% | Male small business owner are comfortable with their current cash flow
65% | (Percentage of) Female small business owners expecting higher revenue in the next 12 months
61% | Male small business owners expecting higher revenue in the next 12 months
36% | (Percentage of) Female small business owners anticipating hiring growth in the next 12 months
30% | Male small business owners anticipating hiring growth in the next 12 months
30% | (Percentage of) Female business owners expecting greater increase in investment in coming months
28% | Male business owners expecting greater increase in investment in coming months