Washington, D.C., The small-business economic outlook remains good for the end of 2007, according to recent data from National Federation of Independent Business’ (NFIB) Small Business Economic Trends report.
“With Internet sales and gift cards, we won't know until next February how good retail sales were, but so far, so good,” said William Dunkelberg, chief economist at the NFIB. “Only 10% have reported lower selling prices, and 32% have reported higher selling prices, so it looks like demand is solid.”
And small-business owners shouldn't worry about a declining economy—at least not this holiday season, he said.
“Consumer spending has been very strong in spite of all the bad news on the economy delivered by the media,” Dunkelberg said. “We may be talking ourselves into a recession next year, but the fourth quarter will be good.”
Conditions appear to be favorable for consumer spending, according to Dunkelberg. “Employment is historically high, the unemployment rate is low, energy prices are falling and income gains have been pretty good,” he stated.
He also notes that new job creation has been solid, and may continue throughout the rest of the year.