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Kurt Rankin | PNC MI Fall Economic Outlook Survey

Michigan Business Beat
November 16, 2019 9:00 AM

PNCfs

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.

 

Fall 2019 Michigan Future Business Index survey

Michigan Business Beat, hosted by Chris Holman, discusses economic development, new or unusual entrepreneurial initiatives, and successful business practices from different regions and industries around Michigan with a wide range of entrepreneurs and business leaders.

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