According to the Small Business Administration, SMBs are responsible for 64 percent of the net new jobs created over the past 15 years. With this in mind, government leaders are looking to increase small business formation with the hopes of recovering the economy.
Now, it seems consumers may be ready to support a range of new businesses. The latest report from the Conference Board Consumer Confidence Index reveals that consumers were increasingly optimistic about the markets in April.
The report shows the Present Situation Index increased from 25.2 to 28.6 last month. Additionally, the overall Confidence Index rose to 57.9, up from 52.3 in March. Officials say these are the best results in more than a year.
According to Lynn Franco, director of the Conference Board Consumer Research Center, consumers’ attitude toward both business and labor market conditions are steadily improving. “Looking ahead, continued job growth will be key in sustaining positive momentum,” she said.
With this in mind business owners may consider starting the companies they’ve always wanted. Now only will they likely find consumers are ready to spend, but they may also help reduce unemployment rates, which the U.S. Bureau of Labor Statistics reports reached 10.2 percent in March.