PROVIDENCE – The National Federation of Independent Businesses’ Small Business Optimism Index fell 8.1 points in March to 96.4, the largest monthly decline in the survey’s history, the organization announced on Tuesday.
The decline, due to the economic impacts of the COVID-19 pandemic, saw nine of 10 components of the index decline month to month.
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The NFIB found that 92% of small-employer respondents had been negatively impacted by the coronavirus outbreak and about half of small employers said they can survive for no more than two months under the current business conditions.
“Between those businesses forced to shut their doors after being deemed nonessential and essential businesses seeing a drastic decline in customers, it is no surprise small-business confidence is shattered,” said Christopher Carlozzi, NFIB Rhode Island director. “Small- business owners in our state are hopeful but also concerned about how long it will be before they can bring employees back on the job and return to normal operations.”
Highlights from the report:
The organization’s index measuring small-business uncertainty rose to its highest level since March 2017.
A net percent of 5% of respondents said they expect better business conditions in the next six months.
The study also found that real sales expectations of respondents in the next six months declined 31 points to a net negative 12%, the largest monthly decline in the survey’s history.
The NFIB also said that only 13% of respondents felt that it was a good time to expand their businesses, a 13-point decline month to month.
The full report may be found online.
