{"id":760238,"date":"2023-05-24T09:55:47","date_gmt":"2023-05-24T13:55:47","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/confidence-among-small-to-midsize-businesses-waning-amid-economic-downturn\/"},"modified":"2023-05-24T09:55:47","modified_gmt":"2023-05-24T13:55:47","slug":"confidence-among-small-to-midsize-businesses-waning-amid-economic-downturn","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/confidence-among-small-to-midsize-businesses-waning-amid-economic-downturn\/","title":{"rendered":"Confidence Among Small to Midsize Businesses Waning Amid Economic Downturn"},"content":{"rendered":"

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Confidence Among Small to Midsize Businesses Waning Amid Economic Downturn<\/b><\/p>\n

The CBIZ Main Street Index reveals rising borrowing costs, sticky inflation and staff retention as the most prevalent challenges facing SMBs ahead of likely recession<\/i><\/p>\n

CLEVELAND–(BUSINESS WIRE<\/a>)–CBIZ, Inc.<\/a> (NYSE: CBZ), a leading provider of financial, insurance and advisory services, has released the results of its Q2 2023 Main Street Index, taking the pulse of and gauging the outlook for small and midsize businesses (SMBs) amid the current economic downturn. The results show contractions in all facets of business sentiment, most notably revenue and access to credit. The responses brought the index\u2019s Business Confidence Study, a weighted average of SMB confidence-focused questions, down from 68 points last quarter to just above 60 points.<\/p>\n

\nThe index depicts a sharp rise in business owners who are concerned about retaining their full staff over the next quarter, as layoffs persist despite relatively strong month-over-month hiring data. Almost half of respondents (48%) listed employee retention as a top concern, up 25% from Q1. Retaining employee headcount trailed worries about a recession (62%) and having enough skilled workers on staff (56%) as the most common concerns, with layoffs across many sectors continuing due to tightening credit conditions and inflation remaining stubbornly high.<\/p>\n

\n\u201cThere\u2019s a lagging effect to last year\u2019s interest rate hikes,\u201d said Anna Rathbun, chief investment officer of CBIZ Investment Advisory Services. \u201cThe latest CBIZ Main Street Index shows the Fed\u2019s actions, along with other factors, are starting to open more cracks in the foundation of the economy. A recession is like a zero-sum game. There will be winners and losers. We\u2019re going to be keeping a close eye on the small and midsize businesses that are poised to do well during the downturn. The coming months will test the durability and savviness of business owners, especially those in industries that are not recession-proof.\u201d<\/p>\n

\nBased on a survey conducted between April 24 and May 5, the index analyzed responses from 753 businesses with fewer than 100 employees in 31 industries across the U.S.* The index assesses a range of timely trends, including business sentiment, areas of growth and decline, and price changes due to inflation and inventory levels.<\/p>\n

\nThe data was evaluated from an overall perspective, as well as based on company size, region and industry. An interactive infographic with the results is available on the CBIZ website<\/a>. Key findings include:<\/p>\n