Monthly Polling Results

May 2022

May 31, 2022

SBIQ: 53.9
Current Conditions Rating: 56.3
Future Expectations Rating: 52.2

Washington, D.C. (June 7, 2022)—Today, the Job Creators Network Foundation (JCNF) released its May Small Business IQ Monthly Poll of 500 small business owners—marking the one year anniversary since the survey launched. Since May 2021, JCNF, in partnership with pollsters John McLaughlin and Scott Rasmussen, has regularly measured the pulse of the small business community—providing valuable insights to policymakers, key influencers, the media, and general public.

Last month, the Small Business Intelligence Quotient (SBIQ), an index tracking overall small business sentiment about the economy, fell by 1.5 points to the lowest reading on record—a decline driven by future expectations. Meanwhile, as Main Street faces high inflation and other economic challenges, 75 percent of small businesses say they have or are anticipating raising consumer prices. Of those that increased prices, 82 percent added the increase was either “a lot” or “significant.”

Other key takeaways include:

  • Inflation is a huge concern for small businesses with 73 percent saying the Biden administration isn’t doing enough to fight it.
  • In May of 2021, 55 percent of small businesses said the climate for small business was fair or poor. That number rose to 63 percent as of May 2022.
  • Only 51 percent of small businesses think sales will increase in the next three months.
  • Fifteen percent of small businesses name supply chain issues as a top concern.

View more polling details and crosstabs here.

Elaine Parker, President of the Job Creators Network Foundation, released the following statement:

“After a year of measuring the pulse of Main Street with the only scientific poll of small business owners of its kind, it’s clear entrepreneurs are worse off now than twelve months ago. After peaking in July 2021, overall small business sentiment is depressed as employers face high inflation, supply chain disruptions, the threat of new taxes, and skyrocketing transportation costs. To make matters worse, instead of addressing these issues, the Biden administration has elected to play the blame game and mislead the American people with political spin. The small business community needs a problem solver, not a spinner-in-chief.”

Poll Results:

Do You Support Raising the Minimum Wage to $20 an Hour?

Strongly Support
19%
Somewhat Support
31%
Somewhat Oppose
18%
Strongly Oppose
29%
Unsure
3%

If Your Small Business Has Raised Prices, To What Degree?

A Lot
29%
Significant Increase
53%
A Little
18%

Due to Inflation, or Other Factors, Have You or Do You Anticipate Raising Consumer Prices?

Yes, Raised Prices
33%
Yes, Anticipate Raising
42%
No
17%

How Concerned Are You that Economic Conditions Could Force You to Close Your Business?

Concerned
57%
Not Concerned
41%

Do You Support Expanding American Pipeline Infrastructure?

Support
74%
Oppose
18%
Unsure
8%

Should the U.S. Increase Domestic Oil and Natural Gas Production?

Support
76%
Oppose
15%
Unsure
9%

Is the War in Ukraine Driving Up the Cost of Gas and Energy in the U.S.?

Yes
73%
No
17%

Are Supply Chain Problems Having A Negative Impact on Your Business?

Yes
61%
No
31%
Unsure
8%

Is the Biden Administration Doing Enough to Help Supply Chain Problems?

Yes
15%
No
71%
Unsure
14%

Is the Biden Administration Doing Enough to Combat Inflation?

Yes
14%
No
73%
Unsure
13%

Will Biden Administration Tax Increases Help or Hurt Small Business?

Help
18%
Hurt
59%
No Impact
19%