Business Owners Still Very Slow to Spend and Invest Ahead of Election
A poll has been conducted by Harris Interactive for Principal Financial and the result indicate that business owners are unlikely to increase their spending despite business health improving. Today's report is the Principal Financial Well Being Index: Business Owners. The top concerns among these business owners surveyed are the economy, health care and taxes for the upcoming presidential election.
The survey was conducted online by Harris Interactive within the United States between August 7 and August 27, 2012. This was a survey of 604 business owners who employ 10 to 500 employees. We would caution that the data is from August and this is now late October, but it was released as fresh data today.
Business owners said that the state of the economy is their top issue concerning their vote, followed by health care reform and taxes. Some 47% said that their business financials improved compared to a year ago and 58% believe their financials will improve in the next 12 months. Still, some 46% are cautious about the economic outlook for 2013, and two-thirds said that they are holding off on making long-term financial commitments because of the current state of the economy.
Also, 63% said they have surplus capital, but 73% of the group with excess capital are not spending any of it. The report showed that 42% plan to add staff in the next year and 31% plan to expand business operations in the United States.
Filed under: 24/7 Wall St. Wire, Economy