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Recovery continues at "half speed"

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  • | 3:14 p.m. April 14, 2010
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Nearly a third of Florida's small business owners cite weak sales as the basis for the pessimism about their overall prospects, according to the PNC Economic Outlook survey.

A release announcing the survey's findings explained that the results supported PNC's prediction that the United States would experience a “half speed” recovery through 2010, with 48% of survey respondents expecting noticeable improvement to their businesses to take more than a year.

Indeed, 13% of Florida business owners said they expected to reduce their workforces, with 69% saying they would keep employment steady. And 91% of respondents said they had not yet noticed a significant improvement in the U.S. economy.

Only 22% of respondents expect noticeable improvement over the next 12 months.

The survey also found that few of the federal government's attempts to bolster growth have been effective. Only 2% of respondents said they received any significant benefit from the passage of the American Recovery and Reinvestment Act, aka the stimulus bill.

As an alternative, 59% of business owners said eliminating capital gains taxes would have the greatest impact on accelerating recovery. Incentives for investment and additional means or borrowing for entrepreneurs were also mentioned as potential boosts.


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