Taps Coogan – August 11th, 2022

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The following chart, from The Daily Shot, shows the results of a survey from the National Federation of Independent Businesses (NFIB), on the real sales expectations of small business owners.

The punchline is that the widest majority of small business owners expect real sales to decrease since the worst part of the Global Financial Crisis in 2009 when the US had been in recession for a year, stocks were down over 50%, the housing market was imploding, the world’s largest financial institutions were failing, and the unemployment rate was nearly 10%, or since the lockdowns in Spring 2020 when most of the global economy was physically shuttered.

Interestingly, a majority of those same surveyed companies plan on continuing to hire and have open job postings which doesn’t exactly comport with the extreme pessimism shown above.

While there is little doubt that the economic outlook is poor, one has to wonder if sentiment is getting excessively negative.

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