Small Business ‘Optimism' Soars to Record High, Up 160% Under Trump
The Wells Fargo/Gallup Small Business Index is at +142
A national economic optimism index of small business owners has soared to its highest level on record under Donald Trump's presidency.
The Wells Fargo/Gallup Small Business Index is at +142, but at the end of the Obama administration, it was +54.
“When owners are asked a broad question about their financial outlook ‘for your business’ over the next year, 77% say they are more optimistic than pessimistic,” added the survey begun in 2003.
But 33% said that they are still concerned about an economic downturn next year, according to Wells Fargo.
Elli Dai, head of Small Business and Personal Lending Group at Wells Fargo, in a statement:
“The Small Business Index is invaluable as one of the tools we use not only to measure current sentiment and priorities among business owners but future ones."
“Both the continued optimism of business owners and their thoughts on key priorities and issues for the election and economy overall provide a window into how to best support their continued growth,” added Dai.
"Small-business owners' optimism continues to edge up in 2019. In the latest quarterly Wells Fargo/Gallup Small Business Index survey, conducted Sept. 30-Oct. 4, the overall index is at +142, up from +136 in July and +129 in April."
"The index is a measure of owners' present and future optimism -- both of which saw modest upticks this quarter."
The survey asked small business owners about the potential effect of the 2020 presidential election year, and they said it could be significant.
On Tuesday, Neon Nettle reported that Black unemployment rates under President Donald Trump have tumbled to 5.4 percent this month, the lowest level since 1972, according to figures from the Bureau of Labor Statistics.
In August, Neon Nettle also reported that the unemployment rate for African-Americans between the ages of 16 and 19 plummeted to 17.7 percent, the lowest rate since government records began in the early 1970s.
According to the most recent data from the Department of Labor, a total of 762,000 young African-Americans had jobs in July.
But October also set a record for black men above the age of 20, with a 5.1 percent rate.
The last record low of 5.3 percent was in 1973.