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Small business confidence has hit an all-time low as the majority of Main Street expects runaway inflation and a Federal Reserve that is incapable of engineering a soft landing for the economy.
In fact, the majority of small business owners (57%) taking part in the CNBC/SurveyMonkey Small Business Survey for Q3 2022 think the recession has already begun, while another 14% predict recession before the end of the year.
The CNBC/SurveyMonkey online poll was conducted July 25-31, 2022 among a national sample of 2,557 self-identified small business owners.
The pessimism on Main Street is more widespread than in the general population, according to the survey, which included a companion poll of nearly 12,000 non-business owners. Among this group, 45% believe the U.S. economy has entered a recession.
More than three-quarters (77%) of small business owners polled…