Monthly Polling Results

August 2022

August 31, 2022

SBIQ:52.9
Current Conditions Rating:55.3
Future Expectations Rating:51.2

Washington, D.C. (September 8, 2022)– Today, the Job Creators Network Foundation (JCNF) released its August Small Business IQ Poll of 500 small business owners. The Small Business Intelligence Quotient (SBIQ), an index tracking overall small business sentiment about the economy, is little changed compared to the previous month—rising by one-tenth of a point to 52.9. The reading remains near a record low and is down 11 percent since this time last year.

A majority (57 percent) of small business owners now believe the U.S. economy has entered a recession, while only 30 percent of respondents rate the condition of the U.S. economy as good or excellent. Meanwhile, a vast majority of small business owners are opposed to a major component of the recently passed “Inflation Reduction Act.” Seventy percent of respondents oppose doubling the size of the IRS, which will trigger more audits of Mainstreet.

Other key takeaways include:

  • Small business owners are concerned about profitability. Last month, 71 percent predicted they would be profitable over the next year. That number dropped to 64 percent in August. It’s the lowest number year-to-date.
  • In August there was a 10-point jump (36 percent to 46 percent) in the number of small businesses who say gas prices have affected their profitability.
  • A majority of small businesses are concerned about crime (65 percent). That jumps to 85 percent for minority-owned businesses.

View more polling details and crosstabs here.

Elaine Parker, President of the Job Creators Network Foundation, released the following statement:

“The U.S. economy is on shaky ground as Mainstreet continues to face rising prices, labor shortages, government red tape, and big tax burdens. The latest blow comes in the form of the misnamed Inflation Reductions Act—legislation that will raise taxes on job creators, pick winners and losers with ‘green’ subsidies, fuel even higher inflation, and sick the IRS on small businesses. Despite efforts by the White House to spin the bill as a ‘win,’ small business owners understand it’s a raw deal for America.”

Poll Results:

Are You Concerned About Crime or Cyber-Crime?

Concerned
65%
Not Concerned
33%

If Your Small Business Has Raised Prices, To What Degree?

A Lot
31%
Significant
41%
A Little
28%

Due to Inflation, or Other Factors, Have You or Do You Anticipate Raising Consumer Prices?

Yes
82%
No
13%

How Concerned Are You that Economic Conditions Could Force You to Close Your Business?

Concerned
54%
Not Concerned
42%

Should the U.S. Increase Domestic Oil and Natural Gas Production?

Support
72%
Oppose
21%
Unsure
8%

Is the Biden Administration Doing Enough to Combat Inflation?

Yes
16%
No
70%
Unsure
14%

Do You Favor or Oppose Doubling the Size of the IRS?

Strongly Favor
7%
Somewhat Favor
14%
Somewhat Oppose
17%
Strongly Oppose
53%
Unsure
9%

Will Biden Administration Tax Increases Help or Hurt Small Business?

Hurt
59%
Help
18%
No Impact
18%

Is the U.S. Economy in a Recession?

Yes
57%
No
25%
Unsure
17%