The Presidential election is the Top concern of business owners, and most of them want President Trump to win another term in the White House, according to a new survey from UBS.
53% of business owners surveyed said they support President Trump, while 47% said they support former Vice President Joe Biden.
The survey showed Washington is Top of mind for business owners; 64% said the Presidential election was their biggest concern, followed by politics, the national debt, C-19 and healthcare costs.
The biggest election issue for business owners is the economy, followed by C-19 management, job growth, healthcare and taxes.
Of those concerns, healthcare is the only issue on which business owners prefer Mr. Biden over President Trump.
Business owners prefer President Trump on the economy, job growth and taxes. The group was split 50-50 over who would best manage the medical chaos.
Looking beyond the 3 November election, business owners are most concerned about civil unrest. More taxes, mishandling of the coronavirus chaos, more regulation and trade uncertainty round out business owners’ Top 5 concerns after the election.
UBS surveyed 448 business owners with at least $1-M in annual revenue and at least 1 other employee, from 26-31 August.
While business owners’ optimism about their own business has held steady, their outlook on the overall economy declined in August; 28% of business owners plan to hire more workers, while 12% plan to downsize and 60% plan to keep their workforce the same.
Small business optimism is beginning to rebound, according to the National Federation of Independent Business. The NFIB Optimism Index increased 1.4 points in August to 100.2, just above the historical average, the group said Tuesday. Before the virus chaos hit, the reading was at 104.5. It fell to 90.9 in April.
“Small businesses are working hard to recover from the state shutdowns and effects of COVID-19,” said NFIB Chief Economist in a statement. “We are seeing areas of improvement in the small business economy, as job openings and plans to hire are increasing, but many small businesses are still struggling and are uncertain about what the future will hold.”
The NFIB Uncertainty Index ticked up 2 pts last month to 90, the second-highest reading since Y 2017.
21% of small-business owners plan to create jobs in the next 3 months, up 2 pts from July and up 20 pts from April’s reading of 1%.
“We all know that without the support of small businesses, the U.S. economic sustainability will be endangered. They are the core of our economy and yes, they have been a constant focus to the White House’s recovery plans. The President’s use of his Executive Orders has been highly effective in aiding small business owners plus by providing incentives for big business to return back to the American soil helps in the small business supply chain.
Small business also knows that any increase in import tariffs helps them, fuels employment along with the lowering value of the US dollar which only adds to their competitiveness in the World economy.
“Further, with the U.S. becoming an energy exporter, it has helped to lower or stabilize oil prices worldwide. All of the aforementioned have been a top priority in our economic recovery despite various States and cities being overly cautious and often restrictive to small business re-openings due to the pandemic, too frequently turning on and off restrictive legislation,” says middle-market economist Bruce WD Barren, Chairman of The EMCO/ Hanover Group.
Job openings (JOLTS) also increased by 3 pts, as 33% of firms reported at least 1 unfilled position, 21% of business owners think now is a good time to expand, up 1 pt from July.
Have a healthy day, Keep the Faith!