- Small business confidence is back near an all-time low, according to the CNBC|Momentive Small Business Survey for Q4 2021.
- The small business demographic skews conservative and Republican respondent views of a Democratic president and economy are expected to be low, but independents are the primary reason for the decline, with support for President Biden slipping among these key swing voters.
- Concerns about inflation and the supply chain continue to rise among America’s small businesses, with strong economic data including consumer demand and GDP being outweighed by prices.
The politics of small business owners is similar to the politics of the majority of Americans in one major way: it’s become hyper-partisan. But as President Joe Biden’s approval rating among entrepreneurs slips to an all-time low and Main Street confidence reverses to near its all-time low set in the first quarter of 2021 when Biden’s presidency began, it’s not only Republicans who are downbeat about the president’s handling of the economy.
The latest CNBC|Momentive Small Business Survey shows a decline in small business confidence and Biden’s approval rating, with respondents who identify as independents primarily responsible for the downshifting, and concerns about inflation a major influence over the data.
Concerns about the labor shortage remain high, but even more small business owners are seeing higher prices and supply chain disruptions, according to the survey: 75% of small business owners say they are experiencing higher supply costs, up from 70% in the third quarter; 58% are experiencing supply chain disruptions, up from 55%.