Economic Data
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Regional Scores

National Score 60


Northeast (60.7)

About three-quarters of small businesses in the Northeast say they are comfortable with their cash flow. This number is higher in the Northeast (74%) than in the South (62%) or West (56%). Nearly two in five (38%) in the Northeast say their local economy is in good health, up ten points since Q4 2022 (28%). Perceptions of the national economy are low: 26% of Northeastern small businesses say they feel good about the U.S. economy.

South (59.9)

Southern perceptions on business operations are consistent with last quarter. Just one in five Southern small business owners say the U.S. economy is in good health (19%, vs. 27% last quarter). Thirty-eight percent of Southern small businesses say they expect to increase future investments, versus 47% in Q4 2022. However, there are signs of increased optimism for the future: nearly seven in 10 (69%) Southern small businesses say they expect increased future revenue, a 10-percentage point increase from last quarter.

Midwest (60.4)

Midwestern small businesses are less optimistic about future expectations. Only three in ten (31%) Midwestern small businesses say they expect to increase investments in the future, down 11 points since Q4 2022 (42%). Additionally, one in five (20%) Midwestern small business owners say they reduced staff in the past six months, which is significantly higher than that reported in the Northeast (7%) or South (9%). Finally, just 16% rate the U.S. economy as good.

West (59.4)

While expectations for the future are largely consistent since last quarter, Western small business owners are less confident in U.S. economic health (19%), down 12-percentage points from Q4 2022 (31%). Though a majority are comfortable with their cash flow, fewer are comfortable now than last quarter (56% vs. 67% in Q4 2022). Despite these economic anxieties, 54% of Western small businesses say they plan to retain their staff size in the next year, up 10-percentage points since Q4 2022.