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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.
As small businesses face increasingly tight profit margins, payroll spending growth is beginning to slow.
Despite tightening credit conditions, loan financing for small businesses has not shown a meaningful decline.
Though small business payments levels remain strong, small businesses are pulling back on spending and slowing hiring.
Despite concerns of tighter lending, small businesses saw little disruption to their operations in March.
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