CNBC and SurveyMonkey Release Latest Small Business Survey Results
May 08 2019 - 10:00AM
CNBC, First in Business Worldwide, and SurveyMonkey (Nasdaq: SVMK),
a leading global survey software company, today announced the
results of their quarterly CNBC/SurveyMonkey Small Business Survey.
Each quarter, CNBC and SurveyMonkey poll over 2,000 small
business owners aiming to measure the vitality of the American
economy as well as the view from Main Street on jobs, taxes and
other hot topics. In addition to measuring small business
confidence nationwide, the large sample size gives CNBC the power
to uncover trends by geographic region and among specific small
business cohorts.
Key findings from the Q2 2019 CNBC/SurveyMonkey Small
Business Survey include:
- 56% of respondents say current business conditions are “good,”
compared to 52% in Q1 2019. Additionally, 60% of small business
owners expect an increase in revenues, up from 57% in Q1 and 31%
expect an increase in full-time employee numbers, up from 28% in
Q1. Together, these three factors impact our small business
confidence index score, which increased slightly from 58 to 59 this
quarter.
- Still, the overall confidence index is tempered by the
diminishing positive impact of tax policy changes. Only 28% of
small business owners expect changes in tax policy to have a
positive effect on their businesses over the next 12 months, down
from 31% in Q1 and 44% a year ago (Q2 2018.)
- 52% of small business owners claim it’s harder to find
qualified individuals to hire now compared to a year ago. For
businesses with more than 50 employees, 63% of owners believe it’s
harder to find qualified hires.
- 44% of companies with 50+ employees anticipate that over the
next year the cost of labor will increase at a faster rate than the
cost of raw materials or the cost of capital. That indicates
companies anticipate raising wages to fill their open
positions.
- 26% of small business owners say they’ve advertised on Facebook
within the past few months – virtually the same as one year ago,
despite issues faced by the company. Some 68% of small business
owners who have ever purchased ads on Facebook say they’ll either
spend even more in the coming months (18%) or keep their Facebook
ad spending at the same clip in the coming months
“Across a number of key fronts, small business owners’
expectations are rosier this quarter, adding to the evidence that
we’re in the midst of a hot economy,” said Jon Cohen, chief
research officer at SurveyMonkey. “At the same time, the robust
optimism we’ve seen among small business owners for tax policy
improvements has faded as partisan rancor has increased in
Washington, keeping the overall index in check.”
CNBC Small Business Reporter Kate Rogers will reveal the results
of the CNBC/SurveyMonkey Small Business Survey today, Wednesday,
May 8th throughout CNBC’s Business Day programming. For more
information on the survey including the full results and
methodology and in-depth articles, go to:
https://www.cnbc.com/cnbc-survey-monkey-small-business-survey/.
Methodology:SurveyMonkey created a unique Small
Business Confidence Index (SBCI), which is a 100-point score based
on responses to eight key questions. The index is calculated on a
scale from 0–100 and is based on the responses to eight key
questions. A zero indicates no confidence, and a score of 100
indicates perfect confidence. The second quarter of 2019′s SBCI has
increased from an overall value of 58 to 59, indicating that small
business owners are still more optimistic than pessimistic about
the direction their business will go in the next 12 months.
The CNBC/SurveyMonkey Small Business Survey was conducted using
SurveyMonkey’s online platform from April 15 – April 22, 2019 among
a national sample of 2,100 self-identified small business owners
ages 18 and up. Respondents for this survey were selected from more
than two million people who take surveys on the SurveyMonkey
platform each day. The modeled error estimate for this survey is
plus or minus 3.5 percentage points.
Data for this quarter have been weighted to be representative of
small business owners nationally, according to business
characteristics from the Small Business Administration’s 2013
Statistics of U.S. Businesses and owner characteristics from the
Census Bureau’s 2012 Survey of Business Owners.
*CNBC/SurveyMonkey additionally surveyed 10,253 individuals who
do not own small businesses. Data for questions asked of the
general population have been weighted for age, race, sex,
education, and geography using the Census Bureau’s American
Community Survey to reflect the demographic composition of the
United States age 18 and over.
For more information contact:CNBCJennifer
Dauble201-735-4721jennifer.dauble@nbcuni.com
SurveyMonkeySandra
Gharib626-862-8043sandrag@surveymonkey.com
About CNBC:With CNBC in the U.S., CNBC in Asia
Pacific, CNBC in Europe, Middle East and Africa, and CNBC World,
CNBC is the recognized world leader in business news and provides
real-time financial market coverage and business information to 410
million homes worldwide, including more than 90 million households
in the United States and Canada. CNBC also provides daily business
updates to 400 million households across China. The network’s 15
live hours a day of business programming in North America (weekdays
from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC’s global
headquarters in Englewood Cliffs, N.J., and includes reports from
CNBC News bureaus worldwide. CNBC at night features a mix of new
reality programming, CNBC’s highly successful series produced
exclusively for CNBC and a number of distinctive in-house
documentaries.
CNBC Digital delivers more than 55 million U.S. multi-platform
unique visitors each month. CNBC.com provides real-time financial
market news and information to CNBC’s investor audience. CNBC Make
It is a digital destination focused on making you smarter about how
you earn, save and spend your money by zeroing in on careers,
leadership, entrepreneurship and personal finance.
CNBC has a vast portfolio of digital products, offering CNBC
content to a variety of platforms such as: CNBC.com; CNBC PRO, a
premium service that provides in-depth access to Wall Street; a
suite of CNBC mobile apps for iOS and Android devices; Amazon
Alexa, Google Assistant and Apple Siri voice interfaces; and
streaming services including Apple TV, Roku, Amazon Fire TV,
Android TV and Samsung Smart TVs. To learn more, visit
https://www.cnbc.com/digital-products/.
Members of the media can receive more information about CNBC and
its programming on the NBCUniversal Media Village Web site at
http://www.nbcumv.com/programming/cnbc. For more information about
NBCUniversal, please visit http://www.NBCUniversal.com.
About SurveyMonkey:SurveyMonkey is a leading
global survey software company on a mission to power the curious.
The company’s People Powered Data platform empowers over 17 million
active users to measure and understand feedback from employees,
customers, website and app users, and the market. SurveyMonkey’s
products, enterprise solutions and integrations enable 345,000+
organizations to solve daily challenges, from delivering better
customer experiences to increasing employee retention. With
SurveyMonkey, organizations around the world can transform feedback
into business intelligence that drives growth and innovation.
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