According to the MetLife and U.S. Chamber of Commerce Small Business Index for Q2 2024, 36% of SMBs believe the U.S. economy is in good health, while 42% view their local economy similarly, both up 12% from last year.
Despite improvements, 55% of SMBs still identify inflation as their biggest challenge. With becoming more price-sensitive, businesses risk a cash crunch while trying to maintain healthy cash flow.
The latest economic indicators suggest that inflation is decreasing, with the potential for the Fed to cut interest rates in September 2024, providing a glimmer of hope for SMBs.
SMBs face higher cash flow risks than large businesses primarily due to limited access to credit, with 29% having struggled to obtain credit in the past year.
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