WASHINGTON, April 7 (Xinhua) -- Small-business owners' confidence in the U.S. economy dropped by the most ever in March as the coronavirus outbreak devastates the economy, according to the National Federation of Independent Business (NFIB).
The NFIB Small Business Optimism Index fell 8.1 points in March to 96.4, the largest monthly decline in the survey's history, the group said Tuesday in a report.
Nine of the 10 index components declined in March, which is evidence that economic disruptions are escalating on Main Street as small businesses struggle to keep their doors open, according to the NFIB.
The report also showed that the NFIB Uncertainty Index rose 12 points in March to 92, the highest level since March 2017.
"Small businesses are living through the coronavirus pandemic right now and it's hard to say what the severity of the disruption will be, but we do know they're feeling the urgency," said NFIB chief economist William Dunkelberg.
"It is vital that these businesses have access to federal funds that are made available through the CARES Act to keep the doors open on Main Street," Dunkelberg said, referring to the 2-trillion-U.S.-dollar economic relief bill passed by Congress in late March.
The survey came as a record 10 million Americans had filed new claims for unemployment benefits in the two weeks ending March 28 due to the coronavirus outbreak.
But the sharp decline in employment is not reflected in the NFIB March survey data, as the survey collected the majority of responses in the first half of the month.
Latest comments