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Service-based small businesses’ profits are higher than both the 2019 average and overall trend, though payroll growth is slowing.
Although wage inflation and payroll costs have eased, rising rent, especially in the West, puts pressure on small businesses.
Loan payments and services inflation are driving up operational costs, though optimism around future revenue expectations remains.
As inflationary pressures remain, our data suggests small businesses have turned to credit cards as a source of financing.
After a surge in employment growth in 2023, our data suggests small business hiring has come off its peak.
Although small business credit card balances are rising, elevated deposit levels provide support.
Small businesses stayed steady despite headwinds in 2023, though high inflation could continue to pressure profits in 2024.
Small businesses appear to be ending 2023 on a good note, and we highlight five themes to watch as we head into the new year.
Why are small business card balances rising?
Small business hiring is catching up to overall job growth, although higher interest rates and quality of labor remain concerns.
New business formation is booming and is notably strong in the healthcare sector, which is seeing spending and profit growth.
Small business payments grew in July led by construction spending as demand for building in the manufacturing sector ramps up.
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