WASHINGTON, March 6, 2019 /PRNewswire/ -- The Q1 MetLife
& U.S. Chamber of Commerce Small Business Index (Index)
released today recorded an overall score of 65.6, marking the first
significant dip in sentiment since the Index launched in 2017. The
score, down from 69.3 during in Q4 2018, indicates that 65.6
percent of small business owners have a positive outlook about
their company and the small business environment in the United States.
The decline in the overall score was largely driven by a drop in
small business owners' views on the economy at both a national and
local level. Barely half (53 percent) of survey respondents
reported positive views on the U.S. economy, while the same narrow
majority expressed optimism about the direction of their local
economy -- down 5 points and 3 points, respectively, from Q4
2018.
Nevertheless, survey respondents remained generally bullish
about the state of their own businesses, with 56 percent expecting
revenues to increase this year and roughly three in 10 planning to
increase staffing levels in 2019, both measures holding relatively
steady after upticks at the end of 2018.
"America's small businesses employ tens of millions of people
and are a major contributor to the nation's economy," said
Jessica Moser, senior vice president
and head of MetLife's Group Benefits Small & Specialty Business
organization. "One of the benefits of our quarterly index is to
help make those crucial small business voices heard in the matters
that affect their business community."
Moser added: "This quarter's decline in confidence is an
important development that is worth monitoring closely; it is not
yet clear whether it is a blip or the start of a more alarming
trend heading into 2019. The good news is that fundamentals like
hiring and investment plans remain strong. To help support this, we
need to focus on helping further drive their success."
This quarter's index illuminated one significant roadblock
facing small businesses: the state of the nation's infrastructure.
A majority of respondents rated highways and local roads and
bridges as critical to the success of their companies. However, 62
percent said their local roads and bridges are in average, poor or
very poor quality, while 52 percent said the same about the quality
of U.S. highways.
Small business owners expressed considerably more favorable
views about access to high-speed internet (56 percent rated good or
very good quality) and cell phone networks (58 percent rated good
or very good quality), which were also considered vital to success
by a majority of respondents. In fact, 85 percent of respondents
said that high-speed internet is important or very important to
their companies, edging out local roads and bridges (79 percent)
and cell phone networks (also 79 percent) as the most critical type
of infrastructure in the eyes of small business owners.
"Small business owners across the country count on our vital
infrastructure systems to move people, products, and information,"
said Neil Bradley, executive vice
president and chief policy officer at the U.S. Chamber of Commerce.
"The Index results add to a mountain of evidence that America's
infrastructure isn't meeting the demands of today's business owners
and today's economy. This should be a wake-up call to leaders in
Washington: It's time to invest in
modernizing our nation's infrastructure."
This quarter's survey was conducted during the longest shutdown
in the U.S. government's history. While the degree to which the
shutdown affected the results cannot be quantified, several
respondents mentioned the shutdown unprompted during the open-ended
portion of the survey.
About the Small Business Index
The Index is part of a multiyear collaboration by MetLife and
the U.S. Chamber to elevate the voice of America's small business
owners and highlight the important role they play in the nation's
economy. The initiative produces the quarterly MetLife & U.S.
Chamber of Commerce Small Business Index; a nationwide event
series, and the annual Dream Big Small Business
Awards program, which celebrates the achievements of small
businesses and honors their contributions to America's economic
growth.
About the U.S. Chamber of Commerce
The U.S. Chamber of Commerce is the world's largest business
federation representing the interests of more than 3 million
businesses of all sizes, sectors, and regions, as well as state and
local chambers and industry associations. For more information,
visit www.uschamber.com.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates ("MetLife"), is one of the world's leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 countries and holds
leading market positions in the United
States, Japan, Latin America, Asia, Europe
and the Middle East. For more
information, visit www.metlife.com.
Please visit www.sbindex.us for the full results and
methodology.
Contact: J.D. Harrison,
jharrison@uschamber.com
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SOURCE U.S. Chamber of Commerce; MetLife