All time high. The MetLife & U.S. Chamber of Commerce Small Business Index jumped 2.0 points to 70.7, up from 68.7 in Q2 2019, the highest since the Index began in 2017.
Small businesses see their local economies improving. 56% say their local economy is in good health, up from 51% last quarter.
Views of the national economy stay steady. 58% feel the U.S. economy is in good health, statistically unchanged from last quarter (59%).
Investment, staffing plans hold stable. Plans to increase investment are statistically unchanged from last quarter at 26% (27% in Q2). 29% of small businesses plan to increase staff in the next year (28% in Q2).
63% of Southern small businesses believe their company is in good health, up from 51% last quarter and the highest of any region.
Small businesses want to hire vets. Veteran-owned and non-veteran-owned businesses say in equal numbers (82% and 81%, respectively) that it is important for businesses to focus more on hiring veterans.
Minority-owned businesses lead in hiring. Minority-owned small businesses (38%) are more likely to have hiring plans than their non-minority-owned (27%) counterparts. Also, minority-owned small businesses have higher expectations to increase investment.
Manufacturers expect less revenue. 49% of manufacturers (versus last quarter's 59%) expect their revenue to increase in the coming year. And only 32% plan to increase staffing (39% in Q2).
Veteran owners see financing challenges. 32% of veteran-owned small businesses report their greatest challenge is access to capital.