The August 2025 installment of the Main Street Business Survey, powered by the Freedom Economy Index, found that only half of small business owners have started exploring use of Artificial Intelligence (AI) in their businesses, while their number-one concern is “rising costs,” a reflection of the stubbornly elevated inflation from the past several years.

Key Takeaways:

1. High prices and soft demand top the worry list.

2. Tariffs? Minimal impact so far, modest worry about what’s next.

3. Main Street is moving from defense into cautious growth.

4. Hiring’s on the rise—but qualified talent is still elusive.

5. Only half have touched AI, leaving huge upside for adoption.

6. Elon’s still a fan favorite… unless he goes full third party.

7. Trump Administration gets high marks for handling of the economy

“We basically have all the signs of an economy reemerging from a tough economic period,” said Michael Seifert, CEO of PublicSquare, a leading small business online commerce platform and freedom-based payment systems provider. “Small business owners have lived through inflation, supply chain collapse, and mandates. They’re not looking for bailouts—they’re asking D.C. to get out of the way and let the free market work.”

“These business owners are making cautious investments in growth, which is a big change from a year ago,” said Andrew Crapuchettes, CEO of RedBalloon.work. “But persistent high costs and policy uncertainty slow investment decisions. Small business owners want stable rules of the game so they can make long-term bets—whether that’s AI, expansion, or hiring.”

“Businesses are resilient, and the free market is again poised to reward the risk-takers who dare to build and pursue their dreams,” added Krystal Parker, President of the U.S. Christian Chamber of Commerce. “But if high prices don’t come down, consumers will keep tightening their belts—and that slows everyone down.”

See the full results here.

Cost Increases, Reduced Traffic Top List of Concerns

25% of respondents said “rising costs” were still their top concern, and 22% said “declining consumer demand” was their #1 issue. 12% said access to affordable capital was the top concern.

AI Use - Room to Grow

45% of business owners said they are not using AI in their businesses. For those using AI, one-third (32%) say that “marketing and advertising” is where AI is most helping their business. 9.2% say “business operations,” 7.9% say “customer engagement,” 3.6% “financial management,” and 2% “workforce management.”

On staffing, 26.6% of AI adopters say that AI has “reduced” their staffing needs – indicating a significant impact on the labor market as AI adoption continues.

Is Elon’s 3rd Party a Charm?

The Department of Government Efficiency (DOGE) gets high marks with 38.3% saying DOGE’s performance was “excellent” and another 37.6% saying “Good.”

91% of business owners agree with Elon that the federal budget needs to be balanced, but only 34% agree with his opposition to raising the debt ceiling. And by better than 3 to 1, business owners say Elon’s plans for a new 3rd party would be “Bad for America’s economic future.”

New Measure of Small Business Health

Now in its 4th year of surveying America’s small business community with highly accurate results, the Freedom Economy survey also launched this month the new State of Main Street Index. Debuting at 57 on a 100-point scale, this innovative index draws from seven essential questions assessing current economic health, customer traffic, revenues, and forward-looking expectations for growth, inflation, and hiring over the next six months. A score above 50 signals positive momentum, and the August reading paints a picture of cautious optimism.

FEI Enters Its 4th Year

The State of Main Street Survey powered by the Freedom Economy Index (FEI) is a joint project of PublicSquare, RedBalloon.work, and adding for the first time the US Christian Chamber of Commerce. View the full results of the August Freedom Economy Survey here.

For more information, contact Isaac Lopez Email Contact.

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.

Small businesses are shaking off years of economic gloom and ramping up investment, hiring, and growth planning, according to the latest Freedom Economy Index (FEI) Survey. Conducted in March 2025, the survey of a universe of 50,000 small business owners nationwide shows a seismic shift in sentiment The shift is seismic—80% say their economic faith has spiked since November, and 68% are now betting on economic growth for 2025, a head-rattling shift from last October where 57% were predicting recession.

“These businesses have gone from gloom to boom in a big way,” said Michael Seifert, CEO of PublicSquare. “These are the sentiments of America’s frontline small businesses. You won’t find these survey respondents in Manhattan corporate boardrooms or Silicon Valley c-suites, but rather on main streets in towns all across America.”

“Small businesses aren’t just surviving—they’re ready to thrive,” said Andrew Crapuchettes, CEO of RedBalloon.work. “And, they’re ramping up hiring plans and searching for capital so they can put their businesses on the launchpad.”

Key Findings

1. Economic sentiment is soaring. Four months ago, nearly 60% of small business owners saw a recession coming, per the November FEI. Now 68% are betting on growth for 2025.

2. Confidence is surging. 80% say their economic outlook’s up since November—50.5% call it “greatly” improved, and 29.7% say “somewhat.” Only 6.6% feel worse.

3. Hiring is booming. 32% are hiring to expand their teams—a massive jump from October’s paltry 9.5%. Layoffs are nearly dead: just 2.6% plan cuts, down from 10% last fall.

4. Inflation is still a concern, but loosening its grip. Almost 60% of small business owners still feel inflation’s bite. But that’s a steep drop from October, when 88% were reeling from it.

5. AI attitudes have flipped. The number of AI adopters has doubled, as too have those “intrigued and looking into” AI.

6. Trump Administration ratings. We have an in-depth look at approval ratings, opinions on priorities, DOGE cuts, Elon, and more.

Full results are available here.

About PublicSquare:

PublicSquare is the largest Marketplace & Payments ecosystem in the nation that serves consumers and business owners who value life, family, and liberty.

About RedBalloon.work:

RedBalloon links small business employers and talent through their national job board, innovative talent recruiting service, and industry-leading applicant tracking system (ATS) software.

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.

America's small business community told the Freedom Economy Index survey what they were experiencing in the economy, and what they expect of a second Trump presidency.

Key Takeaways

• Small Business Ready to Invest & Expand: With a Trump Win, 83% are more willing to expand and invest in their business and 81% will be looking to hire more employees. Less than 2% said they would expand, and less than 1% said they would hire new employees, if Harris presidency.

• High Inflation Expectations Dissipate: Even though 87% said in October that high inflation continues to be a problem, less than 1% said they'd need to "prepare for greater inflation" if Trump wins.

• Economic Pessimism Trended Into Election Day: Heading into the election, over half (52%) were "pessimistic" or "worried" about the future of their business and 63% of business owners said their opinion of the US economy had become somewhat or much more negative in the month prior to the election.

"The Freedom Economy Index has been spot on in describing the pain small business owners have endured over these past four years, and I expect these same business owners will follow through on their intentions to invest in their business growth under a Trump presidency," said PublicSquare CEO Michael Seifert.

"It's been less than 24 hours after the polls closed, and we're already feeling a new energy among our customers," added RedBalloon CEO Andrew Crapuchettes.

Read the full survey here.

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.

A supermajority (87%) of America's small business owners say they'd consider closing if Vice President Kamala Harris wins the White House in November. Only 1.2% say the same if former President Trump is elected. This deep canyon of fear over a Harris presidency is among the stunning findings of the October 2024 Freedom Economy Index survey of 80,000 small business owners, a joint project of PublicSquare and RedBalloon.

"I'm just not going to sell a twenty-dollar sandwich," said Danielle, a restaurant owner who is among the respondents who have dealt with crippling inflation over the past four years. "If Harris wins, I'm just done. I can't live through this anymore."

Key Findings:

• Stark Economic Choices: 83% say they plan to expand and invest in their business if former President Donald Trump wins the presidency, and 81% would consider hiring more employees. Only 1.1% say they would plan to expand if Harris wins, and just half a percent would consider hiring new employees.
  
• Economic Slowdown is Harder on Women: 58% of women business owners say their revenues were down over the past 60 days, versus just 50% of male owned businesses. And women business owners are 7 percentage points more likely than their male counterparts to consider "reducing their staff" if Harris wins and 8% more likely to "prepare for greater inflation."
  
• Grinch Christmas Expectations: Over half of small business owners expect sales for the coming Christmas season to either decline (28%) or be flat (25%) from last year.
  
• Frosty Hiring Trend: Small businesses are pausing hiring plans, pending the outcome of the election. 76.6% say they are neither hiring nor reducing staff, up from 53.6% a year ago. Only 9.5% of employers say they are hiring to expand, while 9.7% say they are planning to reduce staffing.
  
• Recessionary Forecast: 57.4% of small business owners believe the US is headed toward recession, and another 32.8% say there's "too much uncertainty" to know which way the economy is going. Less than 10% believe we'll avoid a recession. Additionally, nearly two-thirds (63.2%) say their opinion about the direction of the US economy has soured in the past month. Inflation Still a Factor: 8 in 10 small business owners say their supplier prices increased "substantially" or "somewhat" in the past 30 days, and 88% say inflation continues to be a "major problem.
  
• An F for the Federal Reserve: 84% of small business owners give Jerome Powell and the Federal Reserve an "F" grade of "poor" or "very poor" for their handling of inflation spike. Small business owners are also split on expectations of the Fed cutting rates again before the end of the year, with 53% believing it'll happen, and 47% expecting the Fed to keep rates unchanged.
  

Key Quotes:

"These numbers are simply stunning. Small businesses desperately want to avoid a repeat of the last four years." – Michael Seifert, CEO of PublicSquare.

"We're seeing this effect in the job market right now, with employers holding their breath to see who wins in November." – Andrew Crapuchettes, CEO of RedBalloon.

"The whole Kamala narrative is that women support her, but when you look at those women who have to run a business and meet payroll, there's a stark vote of no-confidence." – Michael Seifert, CEO of PublicSquare.

"Job seekers may end up with a lump of coal in their stockings. If retailers are feeling this subdued about the coming Christmas season, we may see a less-than-robust seasonal hiring wave." – Andrew Crapuchettes, CEO of RedBalloon.

Sample of Verbatim Responses:

"Inflation has outpaced my company's growth for 3 years straight. I will not survive on this trajectory.""[Because of inflation] we are essentially functioning as a charity, providing client services and jobs for 20 employees. This is obviously unsustainable, as we need to pay our bills and can't continue working well beyond full-time for nothing."

"If Kamala wins, our taxes, insurance, and vendor costs, which have already increased dramatically year-over-year under Biden, will explode, eliminating all hope of keeping our doors opening."

"It's been too long of a really bad economy and the public sentiment is worse than I have ever seen."

"I expect to continue to see a decline until folks don't have to be as tight with their money."

Access the full report here.

Methodology:

The small business version of the Freedom Economy Index is a quarterly survey of nearly 80,000 small business owners - one of the largest of its kind. These opinions reflect the opinions and experiences from those on the front-lines of the US economy. The survey has a 4% margin of error at the 95% confidence level.

PublicSquare Is America's largest nonwoke marketplace app with over 70,000 businesses and over 1.6 million active consumer members. They empower the consumers to put purpose behind every purchase, from daily essentials to non-woke restaurants in their area.

Founded In 2021, RedBalloon has quickly become America's largest woke-free job board, connecting employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates.

To schedule an interview with PublicSquare CEO Michael Seifert and RedBalloon CEO Andrew Crapuchettes, contact Isaac Lopez at (208) 997–8013 or Email Contact.

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.

Fresh survey results from the August Freedom Economy Index could spell trouble for the incumbent political party this November as 7 in 10 Americans say their financial situation is “worse off” or “much worse off” than a year ago. Moreover, respondents in purple “swing” states report they are “much worse off” by 7 points higher than those in red states.

“It was Bill Clinton who coined the phrase, ‘it’s the economy, stupid,’” said RedBalloon CEO Andrew Crapuchettes. “The latest Freedom Economy survey numbers look like most Americans have been in a personal recession for the past year.”

Key Findings:

• 70.5% of respondents say their personal financial situation is either “worse” or “much worse,” than a year ago.

• 44% of all respondents aren’t making enough income to cover their daily expenses. This number is 6 points worse in blue states than red states, and it climbs higher for Baby Boomers, who are losing financial ground the quickest.
• 93% of respondents say that food prices increased in the last 30 days; 74% also reported higher gas prices and 69% higher utility rates.
• 63% say it's now much harder to get a job than it was 6 months ago. And, 4 in 10 job seekers have been unemployed for over a year.
• Less than half of employees with a college degree are working in the same field or industry where their degree is based.
• A large majority of job seekers shy away from open jobs at companies that emphasize DEI policies, and 74.7% of employees say that DEI has caused division and contention in the workplace.

Download the full report here

Now in its 2nd year, the Freedom Economy Index survey is a joint project of PublicSquare and RedBalloon. This month’s survey focused on a universe of over 100,000 active employees and jobseekers from RedBalloon’s national job seeker database.

“Elections are won or lost on the economy,” said PublicSquare CEO Michael Seifert. “Asking the question ‘are you better off than 4 years ago’ is pretty standard in American politics. Based on our results, this doesn’t bode well for the incumbent party.”

“Perhaps we are in a different kind of recession,” added Andrew Crapuchettes. “The overall slowdown in population growth has created a people shortage, so in an economic slowdown, most keep their jobs, but the economic pain is real. That’s what we’re seeing in this survey.”

Sampling of written “verbatim” comments:

• Jobs are posted, I apply, jobs never call. And I keep seeing the same jobs posted. So, either the jobs don’t exist, or the company just wants people to believe the jobs exist.
• I'm applying every day for jobs but can't find one.
• It's been 1.5 years since I've had a job, and I've looked and applied, but no one is hiring me.
• I was laid off in Dec 2023 and never had it this been this difficult finding a decent job!
• I was part of a 20% companywide layoff and still not working, it has been 6 months, and I am very worried.
• Hugely difficult, been looking for 1 year.
• Companies do not want to hire you unless you check a diversity box.
• It is very hard. I work with job seekers, and it is the worst I have seen in 40+ years
• In tech, it’s almost impossible.
• Companies don’t respond.
• The job market is terrible. I know of people facing foreclosure because they can't find work and a year ago, were making nearly 6 figures.
• Both my wife and I applied for hundreds of jobs, got only a few interviews and it took 8 months to find jobs.
• I've been applying for jobs for one year and two months and nobody will hire me.
• It's been awful. I've sent 125 applications in a year and have gotten a few freelance gigs, but not a full-time job to live comfortably (and we are not flashy people).
• The past 6 months have been very tough for job applicants.

Methodology:

The August Freedom Economy Index survey was fielded July 29 through August 2, 2024 among a universe of 100,000 job seekers and employees. With 765 respondents, the survey has a 4% margin of error at the 95% confidence level.

To schedule an interview with PublicSquare CEO Michael Seifert and RedBalloon CEO Andrew Crapuchettes, contact RedBalloon Communications Director Isaac Lopez at Email Contact

PublicSquare Is America’s largest nonwoke marketplace app with over 70,000 businesses and over 1.6 million active consumer members. They empower the consumers to put purpose behind every purchase, from daily essentials to non-woke restaurants in their area.

Founded In 2021, RedBalloon has quickly become America’s largest woke-free job board, connecting employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates.

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.

A newly released special edition of the Freedom Economy Index (FEI) for June 2024 found that American flag bans and “hiding” ideology is what center to center-right employees endure in today’s workplace.

“I cannot wear a beautiful cross necklace my husband got me,” wrote one respondent. “I was told to remove an American Flag pin off my jacket,” wrote another.

The survey also found widespread concern, backed by personal experiences, that artificial intelligence (AI) is being used to automatically weed out those resumes that don’t fit the preferred DEI profile. A sampling of the verbatim responses includes:

• “I was unemployed for 3 months and only received call backs if I did not include that I am white.”
• “Almost every time I'd gotten in an interview was when I opted out of identifying my race or sex on my application.”
• “I am a radical feminist which is a kind of leftist, but I am sympathetic to the discrimination that conservatives have experienced in the workplace.”

The special edition survey, a joint project of RedBalloon and PublicSquare, polled a file of 100,000 employees & job seekers from RedBalloon’s national job seeker profile database. The FEI has typically polled a joint file of 80,000 small business owners from PublicSquare and RedBalloon’s customer files.

The results found that nearly half of US jobseekers are “much worse” off financially than a year ago. It also revealed that DEI-related hiring discrimination is much worse in California than in other states.

7 out of 10 job seekers say they’d take less money if that means they can work in a merit-driven, positive workplace, than take more money to work in a DEI-driven workplace.

“The fact that over 75% of job seekers believe AI is being used to screen out resumes that don't align with DEI quotas is a damning indictment of the corporate embrace of woke ideology over merit and competence,” Andrew Crapuchettes, RedBalloon CEO, said. “This discrimination has no place in a free and fair job market."

"It’s no wonder that worker productivity is near historic lows,” said RedBalloon CEO Andrew Crapuchettes. “Companies need to abandon all of this harmful social engineering and return to merit-based workplace culture.”

“For centuries, the American workplace has been the engine that fueled the global economy,” added Michael Seifert, CEO of PublicSquare. “Abandoning all this DEI nonsense will help America reassert our legacy in the global marketplace.”

Key Findings

Financial Struggles

• 74.7% of job seekers say their personal financial situation is "somewhat" or "much" worse off than a year ago.
• 1 in 5 job seekers say their finances would last less than 2 weeks if they lost their jobs today.
• 37% of job seekers have had to delay bill payments this year to survive.

Hiring Discrimination

• Job seekers in California are subject to far more Diversity, Equity, and Inclusion (DEI) discrimination in the hiring process than those in Texas or Florida.
• 75.4% of job seekers believe AI is being used to screen out resumes that don't fit the current "preferred" DEI profiles needed to fulfill corporate DEI quotas.
• 63% of job seekers are "worried" about workplace repercussions if it's discovered that "they are a Republican or conservative."

The Freedom Economy

• 76.5% of job seekers say they'd be willing to make less money if it means a more positive, less DEI-dominated workplace in which to work.

Methodology:

The June Freedom Economy Index Survey focusing on job seekers sampled a universe of over 100,000 job seekers from RedBalloon’s national job seeker database. The survey fielded from May 22 to May 31, with 949 respondents with a +/- 3% margin of error at the 95% confidence level.

To schedule an interview with PublicSquare CEO Michael Seifert and RedBalloon CEO Andrew Crapuchettes, contact Isaac Lopez at (208) 997–8013 or Email Contact

PublicSquare Is America’s largest nonwoke marketplace app with over 70,000 businesses and over 1.6 million active consumer members. They empower the consumers to put purpose behind every purchase, from daily essentials to non-woke restaurants in their area.

Founded In 2021, RedBalloon has quickly become America’s largest woke-free job board, connecting employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.

The new May Freedom Economy Index survey of 80,000 small businesses found that small businesses remain in survival mode, with 4 in 10 now delaying paying bills to manage cash flow. 7 in 10 have put all staffing plans on hold, neither hiring nor reducing staff, and 6 in 10 are now preparing for the possibility of stagflation.

The survey, a joint project of PublicSquare and RedBalloon.work, also found that nearly half of businesses “definitely” or “probably” will not survive another 4-year term of a Biden presidency, where the stark and heart-wrenching “verbatim” written answers reveal the deep struggles many of these business owners face.

“There is nothing I can afford to do in addition to what I’m already doing. If things don’t change, I’ll be finished,” was the answer from one business owner when asked what changes they’d make if Biden wins a second term. Another replied, “There are none to make. Have had to borrow money & with drop in business, there's nothing more I can do. My daughter & I work 14 hours a day.”

Key Takeaways:

• 40% of business owners have recently been forced to delay bill payments in order to manage cash flow.
• 70% have put all staffing plans on hold, neither hiring nor reducing staff. That’s the highest reading we’ve had over the past year.
• 64% strongly believe the US is headed toward stagflation, and 37% now believe that the Federal Reserve will raise interest rates, with only 17% believing a rate cut will happen in 2024. That’s nearly a complete reversal of February 2024’s results.
• 49% say their businesses “definitely” or “probably” will not survive another 4-year term of a Biden presidency.
• 90% of small business owners rate “control the border” as a top priority for a second Trump Administration.

"It’s been a difficult 3 years for America’s small businesses,” Michael Seifert, PublicSquare CEO, said. “While many inside the Beltway may feel like things are good, that isn’t translating to Main Street America – the frontlines of our small business economy.”

"Just like families all across the nation, many small business owners are now in bill paying triage,” Andrew Crapuchettes, RedBalloon CEO, said. “All of the government reports and happy-talk from Washington DC doesn’t change that Americans continue wrestling with inflation, and a majority of small business owners now predict we’ll slip into stagflation."

Methodology:

The May 2024 Freedom Economy Index survey sampled opinions from a universe of over 80,000 small business owners from throughout the United States. The survey fielded from April 30 to May 10, with 754 respondents and a 4% margin of error at the 95% confidence level.

To schedule an interview with PublicSquare CEO Michael Seifert and RedBalloon CEO Andrew Crapuchettes, contact Isaac Lopez at (208) 997–8013 or Email Contact

PublicSquare Is America’s largest nonwoke marketplace app with over 70,000 businesses and over 1.6 million active consumer members. They empower the consumers to put purpose behind every purchase, from daily essentials to non-woke restaurants in their area.

Founded In 2021, RedBalloon has quickly become America’s largest woke-free job board, connecting employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates.

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.

The March edition of the Freedom Economy Index survey (FEI) was released today, finding that small business owners have taken a significant step back from their recession fears, but also aren’t posturing for big growth...yet. The survey, a joint project of PublicSquare and RedBalloon, sampled 80,000 small business owners from March 15-19.

Key Takeaways

1. Recession fears are easing. 67% of employers believe the US will head into a recession, down from 78% in February, and the lowest reading in 8 months. At the same time, positive sentiment moved only slightly from February. Most employers said they are shelving any staffing change plans, and respondents indicated they’re holding their cash, making only the most essential purchases.

“Small business owners are clearly feeling a turning in the economy,” said PublicSquare CEO Michael Seifert. “But they’re not willing to bet the farm just yet on which direction the economy will turn next.”

2. Gen Z Doesn’t Make the Grade. Employers gave a failing report card to Gen Z in the workplace, with:

• 68% of small business owners find Gen Zers to be the “least reliable” of all their employees.
• 71% of employers say Gen Z is the most likely group to have a workplace mental health issue.
• Less than 4% say that Gen Z is the generation that “most aligns with their workplace culture.”
• 62% say Gen Z is the most likely group to cause division and toxicity in the workplace.
• 57% say Gen Z is the most likely group to post a risk of a workplace lawsuit.

“The 2024 labor market will be one of the most difficult in decades,” said Andrew Crapuchettes, CEO of RedBalloon.work. “With large scale retirements by baby boomers, the market needs an influx of new talent, but Gen Z is clearly struggling to make the grade.”

3. Reliability Drought. 70% of employers said that “lack of reliability” is their top problem when hiring, and 60% of employers said they’d rather be under-staffed with less people, less problems, but more hours for the business owners, than poorly staffed with more employees but more problems.

“The labor market is a tough battleground right now, and it’s weighing heavily on employers who need talent to both maintain their operations and to grow for the future,” continued Crapuchettes.

4. Employers are Stressed Out. One quarter of small business owners said that their exhaustion level in this economy is ten out of ten, and another 35% said they’re at an 8 or 9.

“The Biden economy has taken its toll on these small business owners,” Seifert said. “They’re ready for stability and positive sustained direction in our economy. If the White House is serious about the upcoming election, they’ll be paying attention.

5. Divisions Over Banning TikTok. Small business owners are keenly aware of, and sharply divided over, the bill in Congress to ban TikTok. 35% have heard of the legislation and are supportive. 41% are opposed. Just 2.2% say they haven’t heard of the issue.

“There are strong sensitivities over free speech and banning voices, particularly after all the activity by the US government to ban doctors and others on social media during the pandemic and 2020 election,” said RedBalloon Communications Director Isaac Lopez. “So, it makes sense that the house is divided over the TikTok ban.”

There’s much more in the complete report of the Freedom Economy Index, which can be found here. To speak with the RedBalloon and PublicSquare team of experts, contact Isaac Lopez Email Contact.

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.

An alarming number of employees are working two or more jobs to survive the current economy. Plus, there’s a dramatic split between red states and blue states when it comes to business relocations, and the Great Resignation continues unabated, according to employers.

These are among the findings of the newly completed February edition of the Freedom Economy Index (FEI), a survey of over 80,000 small businesses jointly conducted by PublicSquare and RedBalloon.work.

“Now in our seventh month of surveying America’s small business community, we’re seeing interesting trends emerge,” said PublicSquare CEO Michael Seifert. “This economy has been difficult on employers and employees alike. And, while some of the big corporations may be thriving in this environment, small businesses are feeling the continued weight of inflation and high interest rates.”

“Now we know one reason why there was a big job creation number in the January government jobs report,” added RedBalloon CEO Andrew Crapuchettes. “Wages and spending power are being undercut by inflation, so there’s a lot of people working two or three part-time jobs just to survive. And that’s not showing signs of changing anytime soon.”

Key Findings

1. An alarmingly high rate of employees work two or more jobs. Nearly 4 in 10 small business employers said that “30% or more” of their workforce is doubling up with a second or even a third job.

2. Job hoppers are still job hopping. 39.7% of employers said there was still a robust job musical chairs, while 11% say things have settled down.

3. Businesses are eager to check out of Hotel California. Only 13% of California small businesses are happy with their location, and 67% are either planning a move, considering a move, or want to move but can’t afford it.

4. Crime continues to undercut business. Over 70% say crime has either increased significantly (32.2%) or slightly increased (38.2%). Another 25.6% say crime has neither increased or decreased.

5. Preview of the State of the Union. 46.1% of small business owners say US border security is the most important issue for President Biden to address.

Data

Nearly 4 in 10 small business employers said that “30% or more” of their workforce is doubling up with a second or even a third job. And, interestingly, this dynamic was more pronounced among younger companies.

There’s a split between employers who have been around less than 10 years, and those whose businesses are 10 years or older, with the older, more established companies having less moonlighting employees.

We also asked employers if the “Great Resignation” job-hopping trend was still ongoing, or if employee tenure was settling down in this uncertain environment. 39.7% said there was still a robust job musical-chairs, while 11% say things have settled down.

We asked employers if they were considering moving their business headquarters to another state, and if so, why? Nationwide, nearly half of all small business employers (47.7%) say they are happy with their current location and have no plans to move.

But when looking just at California, nearly a third of businesses (27.1%) feel they are trapped, wanting to move but unable to afford the costs. Apparently, “they can check out anytime they like, but they can never leave.” Only 13% of California small businesses are happy with their location, and 67% are either planning a move (10%), considering a move (30%) or want to move but can’t afford it.

We asked small business owners if crime had increased or decreased over the past 12 months. Over 70% say crime has either increased significantly (32.2%) or slightly increased (38.2%). Another 25.6% say crime has neither increased or decreased.

When asked how they’ve responded to crime in their area, 1 in 4 say they’ve either closed a location (1.4%) and/or moved (3.6%), or they considered moving (22.4%). Most have sought other solutions.

46.1% of small business owners say US border security is the most important issue for President Biden to address. 13% said government spending and debt, 10.2% said election and government integrity, 2.8% said inflation, and 1.7% said foreign policy/Ukraine/Israel/China.

Methodology

The Freedom Economy Index surveyed a universe of over 80,000 small business owners throughout the United States, fielding the questionnaire from February 6 to 9, 2024, with 840 respondents. The survey has a margin of error of +/-3.0% at the 95% confidence level.

For the media download of the February report click here.

To schedule an interview with PublicSquare CEO Michael Seifert and RedBalloon CEO Andrew Crapuchettes, contact Isaac Lopez at (208) 997–8013 or Email Contact

PublicSquare Is America’s largest nonwoke marketplace app with over 70,000 businesses and over 1.6 million active consumer members. They empower the consumers to put purpose behind every purchase, from daily essentials to non-woke restaurants in their area.

Founded In 2021, RedBalloon has quickly become America’s largest woke-free job board, connecting employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates.

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.

The January Freedom Economy Index, a joint survey of 70,000 small businesses by PublicSquare and RedBalloon, found that following wave after wave of economic turbulence, America’s small businesses appear to be in a “holding pattern,” locking down expenses and taking a wait-and-see approach.

Key Findings

1. The Good? Sentiment may be stabilizing. Wrong-track sentiment dropped ever-so-slightly to pre-November levels, and the number of business owners who believe we’re headed into a recession is the lowest since our August survey.

1. The Bad? Businesses and employees are financially stressed. 1 out of every 3 businesses had to take on more debt in 2023 to survive, and 70% of business owners say their employees and/or contractors are falling behind financially. Additionally, 60% reported that Christmas economic activity was below expectations, and 77% say they believe consumer confidence is still poor or bad.

1. The Ugly? Inflation still lingers as 73% report that their supplier prices continued to increase in December, and 53% of businesses were forced to raise their prices yet again last month.

Key Quotes

“Despite all of the bad news in 2023, Freedom Economy businesses stood firm,” Michael Seifert, PublicSquare CEO, said. “This is a good sign for the broader economy since many of these businesses are on ‘Main Street’, they’re integral to their communities, and are seen as the lifeblood of our American economic environment. Their resilience causes optimism in me as we kick off 2024.”

“There’s a glimmer of hope that 2024 will be better for small businesses,” Andrew Crapuchettes, RedBalloon CEO, said. “They’ve weathered high inflation, aggressive interest rates, and a tight labor market. Those that survived will be stronger moving forward.”

Detailed Results

70% of small businesses report that their employees and/or contractors are falling behind financially in this current economy.

37% of employers reported they had to take on more debt in 2023 to survive, while 53% said they had to maintain the same level of debt. Only 10% were able to reduce their debt load in 2023.

80% of small business owners say they plan to hold back from making any major capital purchases this year, and 65% say they are neither hiring nor reducing their staff.

Sampling of employer verbatim responses:

• “Holding steady, unless we get increased business. Then, will add staff.”

• “Desperately need to hire to operate effectively, but sales are so down that I don't know what to do.”

• “No hiring. Just trying to keep the bottom line out of the red.”

• “I just lost my last employee the week before Christmas. Now I do everything. I don't have the money after taxes & fees to buy materials, let alone hire someone.”

• “Depending on outcomes, may have to layoff or close business.”

In another sign of locking down expenses, nearly half (44.3%) of small businesses say they are planning less business travel in 2024, while less than 10% say they are planning more.

When asked “How was the overall Christmas season economic activity,” 41.3% said it was “slower than normal,” while another 27.7% said it was downright “poor.”

Another 59.7% report that the Christmas season economic activity was below their expectations, while only 4.1% said it exceeded their expectations.

Small business owners’ optimism about their business’s future remained steady rather than declining from November yet and much lower than the mid-summer numbers.

And, 76.3% say we’re headed into a “major recession,” down 5 points from November, while another 14.69% believe we’re headed to a minor recession and 7.6% say we will avoid recession but not grow.

93% still believe the US is on the “wrong track,” down slightly from the September/October highs.

Methodology

The Freedom Economy Index surveyed over 70,000 small business owners throughout the United States, fielding the questionnaire from January 4 to 10, 2024 with 964 respondents. The survey has a margin of error of +/-3.0% at the 95% confidence level.

Download the January report here.

To schedule an interview with PublicSquare CEO Michael Seifert and RedBalloon CEO Andrew Crapuchettes, contact Isaac Lopez at (208) 997–8013 or Email Contact

PublicSquare Is America’s largest nonwoke marketplace app with over 70,000 businesses and over 1.6 million active consumer members. They empower the consumers to put purpose behind every purchase, from daily essentials to non-woke restaurants in their area.

Founded In 2021, RedBalloon has quickly become America’s largest woke-free job board, connecting employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates.

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.

America’s small businesses are struggling under the weight of high inflation, expensive capital, and a slowing consumer economy, according to the newly minted Freedom Economy Survey, dubbed the Freedom Economy Index (FEI), a joint project of PublicSquare and RedBalloon.

The late-November survey found that 42% of America’s small businesses must forgo giving Christmas bonuses, while another 28% said that bonuses will be smaller than last year.

“Bidenomics is the Grinch at this year’s Christmas party,” said RedBalloon CEO Andrew Crapuchettes. “Inflation has crept in to steal the tree, the presents, and even the ‘roast beast.’ America’s small businesses are simply trying to stay afloat in this difficult economy.”

Retailers responding to this month’s FEI said that Black Friday and overall Christmas sales are down this year, with 52% saying sales are “much slower” than last year. Moreover, 8 in 10 businesses said their supplier prices increased over the past month.

"Consumer spending is feeling the pinch due to exacerbated economic conditions, making it challenging for the average American to adhere to their customary Christmas budget," observed Michael Seifert, CEO of PublicSquare. "This economic squeeze is compelling small business owners to tighten their belts."

The full weight of inflation is striking when reading some of the comments to the open-ended questions about inflation:

• “It’s strangling us.”
• “I've had to raise my prices 3 times in the past year to be able to survive.”
• “Crushing my business!”
• “All of my expenses have increased. ALL OF THEM.”
• “It's killing my business.”
• “We now have the least amount of projects booked since we started our company.”
• “Getting hit from all sides…”
• “We have been financially bleeding out for months. If things don't change soon, we are in trouble.”

Small business owners may not be home for Christmas either, as 59% of respondents say they’re having to work more hours than last year, with over half saying their workweek exceeds 50 hours. Why all the extra hours? 56.4% say because of the “difficult economy.”

A sampling of open-ended verbatim answers to “What has contributed to the change in hours you work?”

• “I can't afford to pay my employees as much so I have to do their work and I have to find creative ways to make more money which takes more time.”
• “Had to lay off multiple employees in 2023 due to clients shutting down.”
• “My workload is growing as fast as inflation.”
• “Rising costs of doing business and not being able to charge what is reasonable without losing clients.”
• “Laying off employees to stay profitable.”

Additionally, these small business owners are quite aware of the growing misalignment between college graduates and workforce realities. 91% of respondents said they “believe that colleges are creating unrealistic expectations among students about what their job and work life will be like post-graduation?”

Respondents ranked “salary levels,” “amount of work hours required,” and “difficulty of work to be performed,” as the top three areas in which college students have difficulty when entering the post-college job market.

“This data aligns with our October findings, indicating an increasing devaluation among employers of job seekers with college degrees,” Andrew Crapuchettes said. “It’s not the student’s fault that they aren’t ready. Higher education could better align with the labor market demands to benefit both graduates and Main Street business owners.”

“It used to matter where you went to school, but our business owners now ask, 'What have you done?'" Michael Seifert, PublicSquare CEO, said. "Having four years of industry experience increases your likelihood of being hired. However, what your major is will also impact the evaluation process. Without a business major, you may face challenges in the assessment.”

Methodology:

The Freedom Economy Index surveyed a universe of over 70,000 small business owners throughout the United States, fielding the questionnaire from November 30 to December 5, with 682 respondents. The survey has a margin of error of +/-4.0% at the 95% confidence level.

Download the full November report here.

To schedule an interview with PublicSquare CEO Michael Seifert and RedBalloon CEO Andrew Crapuchettes, contact Isaac Lopez at (208) 997–8013 or Email Contact

PublicSquare Is America’s largest nonwoke marketplace app with over 70,000 businesses and over 1.6 million active consumer members. They empower the consumers to put purpose behind every purchase, from daily essentials to non-woke restaurants in their area.

Founded In 2021, RedBalloon has quickly become America’s largest woke-free job board, connecting employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates.

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.

The late-October version of the Freedom Economy survey is here, and there was a marked increase in business owners who are shelving their hiring plans, among other findings.

The monthly survey of over 70,000 small business owners, which is a joint project of PublicSquare and RedBalloon.work, also found that employers continue to anticipate a “difficult” recession in the coming 6 months.

The survey also takes a deep dive into supplier costs over the past year, and into higher education and how/if it’s meeting the needs of the labor market. The findings are interesting.

“There’s a lot of hunkering down taking place among the small business community,” said Andrew Crapuchettes, CEO of RedBalloon.work. “It’s remarkable that, with all the evidence of a people shortage, that 68% of these businesses are now saying they are neither hiring nor reducing staff.”

Supplier price increases are also negatively impacting small businesses and the consumer. 76% of Freedom Economy small businesses say that their supplier prices have increased over the past 30 days. And 35% say their supplier prices have increased by 20% or more in the past 12 months, much higher than the Producer Price Index’s annualized rate of 2.2% as of September 2023.

“Inflation is hitting small businesses the hardest,” said PublicSquare CEO Michael Seifert. “And their supplier cost increases are as much as 10 times greater than what the government is reporting.”

The burden of increased supplier prices is being passed on to consumers, with 75% of these businesses choosing to pass part or all of these cost increases on to their customer base.

Small businesses blame the inflation spike on bad government policy, both in spending and in a delayed reaction from the Federal Reserve.

Government-caused hardships have been adding up over the past 4 years, including COVID pandemic government-mandated lockdowns, supply chain crisis, people shortage due to job seekers staying on the sidelines living on government subsidies, and now rampant inflation. It’s no wonder these business owners no longer trust the government to provide solutions.

80% of these respondents believe the Federal Reserve is purposely trying to create a recession, “even if it means people will lose their jobs and businesses.”

And when asked which party they trust to put America back on track, 66% responded with “Neither.”

Over half of these businesses say their business would benefit most if Congress simply shut down for a year, went home, and passed no new spending or legislation.

Small businesses are adopting AI to deal with aggressive wage inflation. While 67.7% of small businesses do not anticipate using artificial intelligence (AI) to produce goods and services in the coming six months, over 1-in-5 of these respondents would consider exploring AI to replace staffing positions if there is a 25-dollar minimum wage in their state.

There is a misalignment between the workers colleges are producing and the workers employers are asking for. 67% of small business owners responded with a resounding "strongly no" when asked if colleges and universities are graduating students with relevant skills that today's business community needs.

Additionally, when asked whether they'd prefer a job seeker who has just completed a 4-year degree or someone without a degree but with four years of industry experience, 86% favored the job seeker with industry experience over the degree holder.

"The recessionary fears are far from unsubstantiated. High interest rates and doubts in our leadership's economic strategies are keeping small business owners up at night,” Michael Seifert, PublicSquare CEO, said. “In fact, poor economic policy decisions, like raising the minimum wage to $25 per hour, is forcing the hand of small business owners to rely on AI instead of creating jobs for people.”

"Small businesses are clearly favoring experience over degrees,” Andrew Crapuchettes, RedBalloon CEO, said. “The education system's failure to produce job-ready graduates is a pressing concern that must be addressed to ensure a more aligned workforce."

Methodology:

The October 2023 Freedom Economy survey sampled a universe of over 70,000 small businesses from October 25-30, with 905 respondents and a 3% margin of error at the 95% confidence level.

Download the full October report here.

To schedule an interview with PublicSquare CEO Michael Seifert and RedBalloon CEO Andrew Crapuchettes, contact Isaac Lopez at (208) 997–8013 or Email Contact

PublicSquare Is America’s largest nonwoke marketplace app with over 70,000 businesses and over 1.6 million active consumer members. They empower the consumers to put purpose behind every purchase, from daily essentials to non-woke restaurants in their area.

Founded In 2021, RedBalloon has quickly become America’s largest woke-free job board, connecting employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates.

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.