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.
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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.
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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.
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52% of small business owners cite inflation as a top concern.
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Over two-thirds of small business owners remain positive about the health of their own business.
WY We Care: Your Cheyenne Chamber is dedicated to resolving the issues that our local small businesses are facing. With the legislative session fast approaching, this is a great time to make significant change for all of our members. As the season continues on, we’ll keep you in the know with our legislative efforts to make Cheyenne a better place to live, work, and do business.
