As the economic data continues to pile in, much of it is showing some of the largest drops ever. Not surprisingly, small businesses are also suffering, as the NFIB Small Business Survey for April dropped significantly for the second consecutive month, but there were some silver linings. For starters, it wasn’t anywhere near as low as it was during the financial crisis; also, it came in better than what economists expected and didn’t drop as much as it did the previous month.
“The bedrock of the US economy is small businesses, as they employ about half of the US workforce,” explained LPL Financial Chief Investment Officer Burt White. “The good news is the survey’s forward-looking outlook six-months out jumped to the highest levels seen in a year and a half, showing small businesses believe the worst could be behind us and a growing demand may be brewing.”
For more of Burt’s thoughts on why small businesses are vital to this recovery and why better times could be coming, please watch the recent Street View video below.
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