New data on small business from Opportunity Insights finds the number of small businesses open recently turned lower.
The slump coincides with an overall economic recovery that stalled in late June. Fiscal uncertainty remains about how and when the next round of checks will be dropped to the 30 million jobless and an overall economic recovery that is reversing, the weakest companies, many of which are small firms, are closing up shop once more.
Between July & Aug small businesses open: – 7% vs – 19%
The double dip was seen in every state …
Since small firms are the backbone of the economy, with many now closing for a second time, this means there will be no bounce as the market has priced in.
Wall Street once again misread the shape of the recovery curve and investors bought it.