The politics of small business owners is similar to the politics of the majority of Americans in one major way: it’s become hyper-partisan. But as President Joe Biden’s approval rating among entrepreneurs slips to an all-time low and Main Street confidence reverses to near its all-time low set in the first quarter of 2021 when Biden’s presidency began, it’s not only Republicans who are downbeat about the president’s handling of the economy.
The latest CNBC|Momentive Small Business Survey shows a decline in small business confidence and Biden’s approval rating, with respondents who identify as independents primarily responsible for the downshifting, and concerns about inflation a major influence over the data.
Concerns about the labor shortage remain high, but even more small business owners are seeing higher prices and supply chain disruptions, according to the survey: 75% of small business owners say they are experiencing higher supply costs, up from 70% in the third quarter; 58% are experiencing supply chain disruptions, up from 55%.
Inflation tops the list of concerns, with 34% of small business owners citing it as the biggest risk to their business, followed by supply chain disruptions (23%) and Covid (17%). The survey was conducted by Momentive between November 10-16, 2021 among 2,078 self-identified small business owners, which was before news of the omicron variant.