Small Business Recession Guide

With recent economic declines, small business owners may worry about whether the U.S. is in or headed toward a recession. Regardless of the economy, here's how to prepare your business.

Are We in a Recession Right Now?

"Whether we are technically in a recession is a more difficult question to answer than usual. In normal times, if the economy is contracting, [other] important economic indicators are falling, too. However, we are not in normal economic times, so the typical pattern may not hold. In fact, income growth has been steady, job gains consistent, job openings are at record levels, [and] consumers continue to spend. It would be difficult to call a period where this continues a recession, even if the economy meets the technical definition of one.

Businesses should plan ahead for brighter days. Inflation will come down and conditions will feel more like normal, probably within a few years. At that point, the economy is poised to grow strongly. It would be helpful to be ready to enjoy that coming boom period so as not to miss out on it at the beginning."

Curtis Dubay, Chief Economist, U.S. Chamber of Commerce