Aug 21 (Reuters) - More than half of U.S. small business owners believe the economy is already in a recession, marking a slight decrease between July and April, despite most firms reporting their own financial condition was strong, a survey released on Monday showed.
On the economy, 52% of small business owners said they believe the economy is already in a recession, down from 55% in April, the survey found.
Recent indicators have shown strong retail sales and rising spending on services, the two largest small business industries.
Moreover, businesses see their own financial condition as strong and their local economies relatively healthy.
There was heightened concern among small businesses at the outset of the collapse since 80% of all small businesses use a small, mid-sized or regional bank for financial needs.
Persons:
Safiyah Riddle, Josie Kao
Organizations:
National Federation of Independent Business, Silicon Valley Bank, U.S, Federal Reserve, Thomson
Locations:
U.S, Silicon