Small and medium-size businesses (SMBs)account for about 44% of the US economy and provide jobs for about 59-M people in the US. As the COVID-19 coronavirus pandemic continues to cause human suffering on a global scale, a majority of US SMBs fear that the economic impact will also lead to a reduction in revenues and are uncertain about the future.
While this health crisis impact is felt across the full range of SMBs, smaller businesses and businesses that rely on retail foot traffic have been disproportionately affected, according to survey data collected from 26 March to 2 April of this year. During the course of this crisis, we are tracking sentiment among SMBs on an ongoing basis to gauge how their views on economic activity, employment, and financial behavior as well as their expectations about financial institutions and public authorities change as a result of ongoing public and private interventions.
The exhibits below are based on the survey taken on the above mentioned survey by MCKinsey among US businesses with less than $500-M in annual revenues. Please check for updates as we continue to monitor SMB sentiment.
Have a happy healthy Easter and Passover weekend, stay home, Keep the Faith!