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Thursday, 02 April 2015 08:35

PNC survey: Michigan small business owners expect higher sales, profits through summer

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Small business owners in Michigan have an even brighter outlook for the next six months than they did last fall, according to the results of a biannual survey by PNC Bank.

More respondents to the survey expect higher sales and profits through the summer and indicated that they are more optimistic about their own business prospects and local economic conditions.

“It’s encouraging how these findings reflect a more positive outlook about different dimensions of economic growth as spring begins,” PNC economist Kurt Rankin wrote in a summary of the bank’s survey of small business owners across the state.

Among the highlights of the survey results are:

  • Twenty-eight percent of respondents are “very optimistic” about their business and 59 percent are “optimistic,” which compares to 20 percent and 56 percent, respectively, six months ago.
  • Fourteen percent are “very optimistic” about their local economy and 72 percent said they are “optimistic.” That compares to 10 percent and 56 percent last fall.
  • Fifty-three percent expect sales to increase and 4 percent expect a decrease. That’s the best showing since PNC Bank started conducting the survey in 2012 and compares with 46 percent last fall who anticipated a sales increase in the coming months.
  • Forty-four percent anticipate higher profits, versus 29 percent six months ago, and 9 percent expect earnings to decline, which compares to 23 percent last fall.
  • Hiring plans are “little changed” from the previous survey with 15 percent of respondents indicating they planned to add full-time employees. Just 1 percent of respondents said they intended to trim their workforce, down significantly from 19 percent last fall.
  • Loan demand increased slightly, with 15 percent of small business owner saying they would “probably” or “definitely” pursue a new loan or line of credit. That compares with 11 percent last fall.
Read 1403 times Last modified on Friday, 03 April 2015 09:22

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