Q3 2019 Survey Finds Dip in Small Business Owner Confidence Amid Rising Trade Policy Concern
ENGLEWOOD CLIFFS, N.J. and SAN MATEO, CA, August 12, 2019 — CNBC, First in Business Worldwide, and SurveyMonkey (Nasdaq: SVMK), a leading global survey software company, 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 Q3 2019 CNBC/SurveyMonkey Small Business Survey include:
Trade tensions hit small business confidence:
The trade war is cited as a rising concern amongst small business owners:
For the upcoming 2020 Presidential election, more than half of small business owners say the most important issue will be casting a vote as a referendum on President Trump, one way or another:
Additionally, in a separate, broader survey of more than 10,000 non-small business owners, CNBC and SurveyMonkey found that public sentiment regarding Amazon has shifted dramatically over the past two years:
“For several quarters, tax reform was the top source of volatility in small business confidence, but now that has been superseded by concerns about trade” says Jon Cohen, chief research officer at SurveyMonkey. “Some on main street have already had to make changes to their business to stay competitive, and even more are wary of what is to come.”
CNBC Small Business Reporter Kate Rogers will reveal the results of the CNBC/SurveyMonkey Small Business Survey today, Monday, August 12ththroughout CNBC’s Business Day programming. For more information on the survey including the full results and methodology and in-depth articles, go to: https://www.cnbc.com/cnbc-survey-monkey-small-business-survey/.
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 third quarter of 2019′s SBCI has decreased from an overall value of 59 to 57.
The CNBC/SurveyMonkey Small Business Survey was conducted using SurveyMonkey’s online platform from July 29 – August 4, 2019 among a national sample of 2,299 self-identified small business owners ages 18 and up. Respondents for this survey were selected from more than two 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/SurveyMonkey additionally surveyed 10,024 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. The modeled error estimate for these results is plus or minus 1.5 percentage points.
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SurveyMonkey is a leading global survey software company on a mission to power the curious. The company’s People Powered Data platform empowers over 17 million active users to measure and understand feedback from employees, customers, website and app users, and the market. SurveyMonkey’s products, enterprise solutions and integrations enable 335,000+ organizations to solve daily challenges, from delivering better customer experiences to increasing employee retention. With SurveyMonkey, organizations around the world can transform feedback into business intelligence that drives growth and innovation.