Jeffrey Mosher catches up with Kurt Rankin, Economist and Vice President with PNC Financial Services, Pittsburgh, PA.
They discuss, the results of PNC’s MI Fall Economic Outlook Survey of Small- & Mid-Size Business Owners. Here are some of the key findings:
To hear Kurt and Jeffrey discuss the key finds of the PNC Fall Survey, click play on the PodCast!
Kurt reviews points from the survey including...
- Despite tariff concerns, 46% of respondents are highly optimistic about the national economy, a new record high for the Michigan survey.
- 41% of Michigan business leaders are optimistic about the local economy, a level second only to the record high (45%) set a year ago.
- Only 36% of respondents say a recession is likely in 2020, with 53% saying a recession is unlikely. The recession outlook for 2021 is less rosy, however.
- Nearly half (48%) of respondents expect their company’s sales to increase over the next six months, a drop from the 62% who expect sales to increase in the fall 2018 survey.
- 21% of Michigan small business leaders plan to increase the number of full-time employees over the next six months, compared to 23% in fall 2018 survey.
- Michigan business leaders are split on the impact of the U.S. tariff policy on supplier prices, with 39% expecting an increase and 49% not expecting an increase.
- Economic optimism is strong. PNC survey shows almost half the state’s small and midsize businesses expect six-month increases in sales.