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Small business study provides gloomy economic outlook

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    US Chamber of Commerce's Martin Regalia sounds off

  • Duration 3:57
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What do small business executives think about the US economy the months ahead and pending political battles.

The US chamber of commerce is out with a new study this week asking those questions and more.

The Chamber's chief economist doctor Martin regalia is with us tonight.

Doctor Graham thank you for being here my pleasure thank you know well this study it -- it goes over the time July 2 to July ninth.

It involves 12125.

Small business executives and testified as executive level position in a company -- fewer than 500 employees.

Annual revenues less than 25 million.

And a couple of the bullet points eight out of ten small businesses think the national economy is off on the wrong track.

And more than half a small businesses surveyed say economic uncertainty as their top concern what's your overview of this study.

Well you know this is an -- anecdotal addition to the hard data we get from the government on monthly and weekly basis.

And it reflects very similarly what we're seeing in the hard data.

The economy isn't doing well we've been growing now for three years -- recovery for three years.

We came out of the -- -- -- little better than three and a half percent and since that time -- barely average 2% the jobs numbers are abysmal 75000.

Average.

That's not even.

Making up for new entrants into the work force these guys see that on a daily basis.

A you know -- front doors of their businesses that every day and that did it they tell us it's not good out there.

-- the question are your businesses.

Best days behind or ahead -- you.

They've a graph that shows you how these 12125.

Answered that and you can take a look at the numbers in July it seems like not sure -- up.

And that goes perhaps of the uncertainty question.

Well it goes to the uncertainty question and and you know.

We saw in July.

-- Supreme Court uphold the mandate.

That's gonna raise -- cost they're not uncertain about the man anymore but they are uncertain about the impact on their businesses.

An overwhelming majority said that it would not 72% said it would not help them hire would not encourage them.

To hire additional workers so the the uncertainly about the overall economy where is it going.

But we're facing a fiscal cliff at the end of the year that when you look that one concern about fiscal cliff impact on.

Business operations.

Concerned.

Nine.

10% not concerned in the next one importance of the candidates supporter of free enterprise.

A very important 84% go ahead.

So it's -- -- -- they look at the economy and they don't know where the overall economy is going and they have to play off that overall economy.

They can't set their own prices they can't set -- on demand they are demand -- from price takers in that regard.

And they're worried about what they're seeing out there we saw the retail sales numbers they were abysmal they've dropped off significantly even since the beginning of the year.

Many of these companies are in retail and so when you see the retail sales numbers falling this is the customers they see coming in the door every day.

And they're not happy about it doctor -- -- is the chambers had a rocky relationship with the Obama administration.

There are Democrats out there who look at these numbers in this study and say hey listen the chamber.

Is in the tank for Republicans.

Take these numbers with a grain of salt how do you respond politics that we -- we support Republicans and Democrats who are pro business.

Anybody that has -- 70% voting record with us -- the running again.

We give them a blanket endorsement for they do it's it's based on the numbers themselves and they vote with us 70% or more the time if they did they get it.

We also have a -- political committee that evaluates the the various -- candidates and their approach to business to free enterprise.

Lower taxes less regulation.

That's sort of thing so you know it naturally there's going to be some people would disagree with those policies and they're not going to be with us but -- -- -- there's concern out there.

Oh without a doubt there's concern -- -- -- thanks so much for your time it's my pleasure thank you.

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