While the majority of small business owners expected President Trump’s tax cuts to be a “game changer,” less than 30% said it has actually been positive for their business, according to a Bank of America survey.
Next week is National Small Business Week, but owners aren’t likely to spend it celebrating — they’ll be too busy trying to hire workers or keep the ones they have from defecting to bigger firms.the labor market continues to thrive. “This is a worker’s job market,” said Moody’s Analytics Chief Economist Mark Zandi.
They’re not always succeeding. The survey found that although 60 percent of respondents said they were hiring or trying to hire, 54 percent found few to no qualified applicants for those open positions. More than one in five said difficulty in finding workers was the top problem facing their business, and nearly two in five said there were current job openings at their companies they could not fill.
"In general, we’d say one of the largest challenges facing small employers is finding workers, and that’s reflected in the data we’re seeing,” said Daniel Zhao, Glassdoor senior economist. When the last survey was conducted last fall, researchers found that although small business owners’ optimism about the local and global economies had started to dim, their expectations for the economy strengthened, with 55 percent anticipating improvement. In the new survey, that has reversed: A slim minority of 48 percent think the national economy will improve, while global and local expectations continue to fall, as well.
And the promised corporate tax cuts may have been more hype than hiring accelerator. Nearly 60 percent of Bank of America survey respondents expected the Tax Cuts and Jobs Act to be a “game changer” and 45 percent expected it would have a positive impact on their business . Now that reality has set in, 35 percent said it actually was a game changer; fewer than three in 10 said it has been positive for their business.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pressed on Trumps' response to white nationalism, Kellyanne Conway brings up Ocasio-Cortez, Hillary, NY Times'That is darn-near perfection, when you're calling out KKK, neo-Nazis and you're saying there were people there who hadn't signed up for that,' said Conway.
Read more »
Trumps, Pences leave Teacher of the Year ceremony to DeVosThe annual Teacher of the Year ceremony will be hosted by Education Secretary Betsy DeVos on the White House grounds Monday afternoon, a White House official said.
Read more »
Trumps sue to quash Deutsche Bank, Capital One subpoenasDeutsche Bank has continued to lend money to the president when other banks have refused. Trump wrote a check to Michael Cohen on his Capital One account.
Read more »
Trumps and Businesses Sue Deutsche Bank and Capital OnePresident Trump, three of his children and his real-estate businessfiled a federal lawsuit to block Deutsche Bank and Capital One from complying with congressional subpoenas for documents related to him and his family.
Read more »
Trumps file new lawsuit to keep finances hidden from investigatorsAs a rule, when Trump World acts as if it has something to hide, it's because Trump World has something to hide.
Read more »
Trump sues Deutsche Bank and Capital One in attempt to block congressional subpoenasThe Trumps want a federal judge to declare the subpoenas unlawful and enforceable. The lawsuit also seeks to block Deutsche Bank and Capital One from disclosing information and complying with the subpoenas.
Read more »
Jobs report crushes expectations, unemployment drops to 50-year lowThe official jobs report out Friday is expected to show that hiring remained strong in April and that wage growth picked up.
Read more »
Trump Scoreboard shows acceleration in jobs growth even with unemployment rate at new lowsThere’s a debate whether jobs growth is continuing because of President Donald Trump or in spite of him. But what is clear is that the U.S. economy is adding jobs at a solid clip nearly a decade into what’s already the second-longest post-war economic expansion on record.
Read more »
Unemployment rate falls to 49 year lowJob numbers report from the month of April beat estimates and the unemployment rate has reached a 49 year low. Politico’s Chief Economic Correspondent Ben White joins Chris Jansing to discuss what this report tells us about the U.S. economy, and why it isn’t all good news.
Read more »