Home Business Maybe a Good Sign for Small Businesses Amid Inflation and Recession Uncertainty?

Maybe a Good Sign for Small Businesses Amid Inflation and Recession Uncertainty?

by admin
0 views

Published: Sep 30, 2022
by Samson Haileyesus
In Small Business News
0

A new report by the Bank of America Institute indicates that small businesses, despite experiencing economic challenges, show strength in various areas, including credit and debit card spending, business travel expenditures, and payroll payments.

Report Indicates Small Businesses Continued Resilience

According to the report, Small business payments per client have increased by 11% from August last year up from 3% in July. Additionally card spending per client in August was up 13%, outpacing July’s 7% growth rate. The number of travel transactions per small business client has reached 90% matching 2019’s average, the highest level since the pandemic began.

Other highlights of the publication include:

Card spending by small businesses varied greatly across annual income levels, and small businesses with greater annual revenues spent at a faster pace than those with lower annual revenues.Among small businesses with annual sales revenue higher than $1 million, card spending per client for travel was up the most, at 43% year over year in August.After-tax wages based on the internal Bank of America consumer deposit data for small business clients were up 6.1% year over year on a 3-month rolling basis in August

“Despite economic headwinds like high inflation, small businesses are heading into the fall with cautious optimism. We see things like the rebound in small business travel and resilience in payroll payments as further evidence the economy is getting back on track,” said Anna Zhou, economist for the Bank of America Institute.

Small Business Returning

Additional signs that small business optimism is returning include that the August Small Business Optimism Index increased by two points from July to the highest level in three months, according to data by the National Federation of Independent Business.

Small businesses also showed strength in payroll payments. The three-month rolling average of payroll spend per client rose by 11% year-over-year in August, pointing to a healthy hiring and wage growth momentum. Restaurant and bar payroll payments may be moderating the most from recent improvements, partly reflecting easing wage inflation in leisure and hospitality with 18% growth from August 2021.

For the latest, follow us on Google News.

Image: Depositphotos

Editor’s Picks

LinkedInFacebook

Samson Haileyesus is a staff writer for Small Business Trends and has several years of progressive experience in media, communication and PR working with government, NGOs and private sector. He is passionate about public outreach, branding, media relations and marketing.

Source : SmallBizTrends

Related Articles

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Maybe a Good Sign for Small Businesses Amid Inflation and Recession Uncertainty? https://www.claudedesplas.com/   https://3x-audio.com   https://food-diary.net   https://www.breast-cancers.com/   https://dedalustats.eu  
--
ASICS Gel 210 Not Out Chaussure De Cricket – SS15 *  Pandora Anneau Heart Delicate 190995CZ-52 Argent et zircons *  Justin Fields unsure about status for Week 13 vs. Packers *  * Mizuno Wave Lightning Z2, Bianco (White/Divapink/Dazzlingblue), 41 *  GSC Limited Déguisement Garçon Berger No 1-5-7 ans *  Eddie Jones: England head coach to learn fate by middle of next week *  Eddie Jones: England head coach to learn fate by middle of next week *  Hpory Compatible avec iPhone XS Max Etui en Silicone Coque Ultra Mince Flexible Plating Splicing Marble Case avec Stand… *  * ECMQS Sable lumineux romantique pour aquarium – Brille dans le noir – Décoration d’aquarium *  Qiyun Étui de protection, lunettes de ski, boîte rigide, protection de neige/snowboard, fermeture éclair *  https://www.lacavernedujouet.org   https://dedalusweb.fr   https://www.jeux4video.com   https://jeux4video.com   https://www.les-meilleurs.org   https://chaussuresbaskets.com   https://www.echaussures.net/   https://cinezik.com   Maybe a Good Sign for Small Businesses Amid Inflation and Recession Uncertainty? *Maybe a Good Sign for Small Businesses Amid Inflation and Recession Uncertainty?

news7.asia Maybe a Good Sign for Small Businesses Amid Inflation and Recession Uncertainty?