Jan 5, 2022 - Economy & Business

Small businesses growing more optimistic, survey finds

A bakery in Walnut Creek, Calif.

A bakery in Walnut Creek, Calif. Photo: Gado/Getty Images, courtesy Sftm

Inflation, labor shortages and supply chain issues are undermining the economy, but midsize and small businesses are still hopeful about the new year.

The big picture: 83% of midsize businesses and 71% of small businesses “are optimistic about their own performance in 2022,” according to JPMorgan Chase’s 2022 Business Leaders Outlook Survey out today. That’s up from 77% and 63% at the dawn of 2021, respectively.

To compete with larger, well-resourced companies, smaller employers are finding ways to boost wages and benefits.

  • 61% of small businesses are poised to offer health insurance in 2022, up from 52% in 2021, says JPMorgan.

What they’re saying: “Those are the kind of things they realized they had to do to retain workers and keep them,” JPMorgan economist Jim Glassman tells Axios.

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