Fewer U.S. small business owners expect revenues, cash flow, capital spending or hiring to increase over the next 12 months, according to a new survey done for Wells Fargo Bank by Gallup.
The lower expectations for business prospects contributed to a 17-point decline in July from April in the Wells Fargo-Gallup survey’s index of business owner confidence, finishing at -28, the lowest score since the survey’s inception more than seven years ago.
“Slower consumer spending growth appears to be weighing on small business confidence,” says Scott Anderson, Wells Fargo senior economist. “Small businesses are scaling back on hiring and capital spending plans in the third quarter and remain concerned about the overall financial health of their companies.”
