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A majority of small-business owners in New York do not believe the economy is recovering and say the current economy is the “new normal,” a new report by American Express Co. shows.
The American Express OPEN Small Business Monitor reports 57 percent of small-business owners statewide believe the current economy is the “new normal,” and only 44 percent feel the economy is recovering.
Still, some 52 percent of respondents in New York have a positive outlook on the economy and business prospects. Nationally, some 54 percent have the same feeling, while 58 percent of respondents in the Northeast have a positive outlook on the economy.
Two-thirds of small-business owners statewide said they are stressed out over the economy, down from 71 percent in the fall 2012 report. That compares with 64 percent nationally and 62 percent in the Northeast. Fifty-one percent of New York small-business owners said they have cash flow issues.
An overwhelming majority of respondents in New York—82 percent—said they plan to grow their business over the next six months. Some 74 percent nationally and 78 percent in the Northeast said they plan to grow in the next six months.
Some 37 percent of survey respondents statewide plan to hire over the next six months and 26 percent plan to give their employees raises.
One-third of small-business owners in New York use social media to connect with customers, down dramatically from 49 percent in the fall 2012 report. Among those who use social media, the greatest number reported using Facebook to connect with customers.
Small Business Monitor is based on a national sample of more than 900 small-business owners or managers of companies with fewer than 100 employees. Northeast states include New York, Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, Rhode Island, Pennsylvania and Vermont.
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