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Small Business Optimism Ticks Up

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    NFIB chief economist Bill Dunkelberg weighs in on small business sentiment.

  • Duration 4:06
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-- -- the National Federation of Independent Business outlook its latest small business survey and not sure there's a small little uptick in optimism.

It remains below pre recession levels.

The NF ID's chief economist build uncle berg joins us now so great to have you here sir I mean I I -- I -- loved -- seen the results post election because this was taken right before the election right.

You're right so in order to see the impact of the election about small business owners left to -- tell we've finished the November survey and we'll also get a look at the impact of sandy because we can look at it kind of on the East Coast own -- and look at the detailed data to see.

How badly the small business owners were impacted there.

But for the most part they're just not seeing on all the love they need are they -- -- -- business is the heart of our economy.

Not feeling optimistic enough.

You write about that I mean there half a private GDP in half the private workforce and they are doing very well thank goodness they're not publicly traded because the stock market would pretty bad for them.

And I'll make an eleven money overseas that the big companies are making an about making all -- money manufacturing and exporting so.

They're not doing so well they there they don't have a very good view of the future we asked him about business conditions six months from now.

14% said better but 90% expected to be worse.

That's not good and 23% almost one enforce that I have no idea that's the highest level of uncertainty we've seen on -- measure since Jimmy Carter's.

Presidency.

And it must be so disheartening when we just got the federal.

Budget deficit -- 120 billion dollars in October so the federal government's not doing anything to try to get their books in order.

Our small businesses are trying so hard to keep things going -- sales their top line growth is really where they're struggling isn't it.

That is there's still one of the top problems we asked them every month.

What's the most important problem facing your business we give -- ten choices we've got -- -- a three way tie between weak sales taxes.

And the cost of useless regulations and red tape those of their three.

Big problems.

This about changing.

It's not is it now and at the same time because of -- that they're not really looking to create jobs anytime soon -- that.

Right we have we ask you about that increasing total employment so that's a job creation question.

-- that 4% who plan to increase jobs and if you look at that.

In perspective you know it ought to have a ten attitude should be 1415.

Up from those numbers though.

Very weak job creation plans the job openings are historically quite low.

That and that's because of that we have such a dim view of the future.

And where sales might go you know you don't hire any new employees to take care customers you don't think are gonna show.

Right right and stick it defeats the point and finally what are they say about access to credit these days because they -- having a tough time getting loans.

Yeah not a not an issue are borrowing activities -- record low level only 3% say this they're top business problem.

And a near record 64% of the -- -- who needs alone with a -- gonna do with the money.

I can't get -- -- employee with a that they can't pay back enough so I can repay the loan -- can't invest in new equipment and -- -- pay back enough.

And -- my view of the future I don't see that happening so we're not borrowing.

Rick we have a chart up of the red tape and the regulations that there feasting and out of his.

Might -- millions 2008 and that is just not gonna get better any time soon do you.

Expect this sentiment then to stay pessimistic for -- while among our small businesses.

Well I think so until we do a better job of solving some of the uncertain resolving some of the uncertainties that we have.

I think there will be the case -- others they're really burdened with the regulatory process.

We've heard some numbers recently that said they're like you know seven -- -- new regs or regulatory changes coming every day for the last three months.

That's a terrible thing that keep track of and to compile -- very valuable entrepreneurial time the most important asset -- happens.

Right they should be innovating not dealing with regulation bill -- battling with NFIB thank you for sharing the results are.

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