Quarterly Survey Finds Confidence of Small Business Owners Continues to Climb, Despite Trade Concerns
ENGLEWOOD CLIFFS, N.J. and SAN MATEO, CA, May 1, 2018 – CNBC, First in Business Worldwide, and SurveyMonkey, the world's leading People Powered Data platform, today announced the results of their quarterly CNBC/SurveyMonkey Small Business Survey. Each quarter, CNBC and SurveyMonkey poll over 2,000 small business owners aiming to measure the vitality of the American economy as well as the view from Main Street on jobs, taxes and other hot topics. In addition to measuring small business confidence nationwide, the large sample size gives CNBC the power to uncover trends by geographic region and among specific small business cohorts.
Key findings from the Q2 CNBC/SurveyMonkey Small Business Survey include:
CNBC Small Business Reporter Kate Rogers will reveal the results of the CNBC/SurveyMonkey Small Business Survey today, Tuesday, May 1st throughout CNBC's Business Day programming. For more information on the survey including the full results and methodology and in-depth articles, go to: http://www.cnbc.com/cnbc-survey-monkey-small-business-survey.
“This survey marks a full year since we launched the Small Business Confidence Index, giving us our first look at year-on-year confidence among small business owners,” says Jon Cohen, chief research officer at SurveyMonkey. “With five consecutive quarters of data we’ve seen relative stability in the index itself, but also clear evidence of improvements in assessments of the current business climate and a surge in confidence around revenue and hiring. At the same time, growing concerns over trade policy threaten to upset the upward trajectory.”
SurveyMonkey created a unique Small Business Confidence Index (SBCI), which is a 100 point score based on responses to eight key questions. The index is calculated on a scale from 0–100 and is based on the responses to eight key questions. A zero indicates no confidence, and a score of 100 indicates perfect confidence. The second quarter of 2018’s SBCI has dipped from an overall value of 62 to 61, indicating that small business owners are markedly more optimistic than pessimistic about the direction their business will go in the next 12 months. This quarter’s decline is attributed to a sharp increase in the number of small business owners who expect trade policy to have a negative impact on their businesses in the next year. However, this is a difference within the margin of error for quarter-to-quarter change.
The CNBC/SurveyMonkey Small Business Survey was conducted using SurveyMonkey's online platform from April 11 – April 17 among a national sample of 2,048 self-identified small business owners ages 18 and up. Respondents for this survey were selected from the nearly three million people who take surveys on the SurveyMonkey platform each day. The modeled error estimate for this survey is plus or minus 3.5 percentage points.
*CNBC/Survey Monkey additionally surveyed 10,941 individuals who do not own small businesses. Data for questions asked of the general population have been weighted for age, race, sex, education, and geography using the Census Bureau's American Community Survey to reflect the demographic composition of the United States age 18 and over.
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, and CNBC World, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to more than 409 million homes worldwide, including more than 91 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.
CNBC Digital delivers more than 50 million multi-platform unique visitors each month. CNBC.com provides real-time financial market news and information to CNBC’s investor audience. CNBC Make It is a digital destination focused on making you smarter about how you earn, save and spend your money by zeroing in on careers, leadership, entrepreneurship and personal finance.
CNBC has a vast portfolio of digital products across a variety of platforms including: CNBC.com; CNBC PRO, the premium, integrated desktop/mobile service that provides live access to CNBC programming, exclusive video content and global market data and analysis; a suite of CNBC mobile products including the CNBC Apps for iOS, Android and Windows devices; and additional products such as the CNBC App for the Apple Watch and Apple TV.
Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at http://www.nbcumv.com/programming/cnbc.
Founded in 1999 and based in San Mateo, California, SurveyMonkey is the world's leading People Powered Data platform enabling curious individuals and companies – including 100% of the Fortune 500 – to have conversations at scale with the people who matter most. Whether it's a trend in the market, opinions of customers, or voices of employees, SurveyMonkey turns them into actionable data. As a pioneer of the industry, SurveyMonkey is a trusted platform for people to express their true feelings and opinions so organizations can uncover the “why” behind the data. SurveyMonkey's 750+ employees throughout North America, Europe, and Asia Pacific are dedicated to powering the curious. For more information about SurveyMonkey, please visit: surveymonkey.com.