Union Bank has announced results from its ninth annual Small Business Survey of small business owners in California – finding “the highest rate of pessimism and the lowest rate of optimism in its history.”
The percentage of pessimistic owners – those who anticipate a decline in profits – doubled, rising to 24 percent compared to 12 percent last year and just 4 percent in 2007. While 34 percent of owners say they are optimistic that profits will improve this year, they are far fewer than the 52 percent who were optimistic last year.
The survey provices just more confirmation that businesses are really pretty frozen given the current economic climate.