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Beige Book Reflects Small Business Skepticism
The skepticism shown in recent measures of small business attitudes is reflected in the Federal Reserve’s latest anecdotal look at what’s going on in the economy.
The Fed’s Beige Book shows economic activity growing in the last quarter, but at a slowing pace.
Small business owners have already clearly sensed that slowdown. Surveys by various organizations including the National Federation of Independent Business show increasing skepticism among small business owners.
The U.S. Senate has scheduled a test vote for today on measures aimed at boosting the economy by targeting tax breaks and loans to small businesses, which have traditionally led the nation from recessions into growth, particularly when it comes to jobs growth. President Barack Obama, facing a 9.5 percent unemployment rate, touted the bill Wednesday at an appearance he made at a New Jersey sub shop. But it’s far from clear whether that bill will pass.
Democrats will need at least some Republican support to pass it. They got that support to break a filibuster of the bill last week. But Republicans want to amend the bill.
The picture is further complicated by the fact that both parties are jockeying in this election year to win the favor of small business owners.
Kent Bernhard Jr. is News Editor of Portfolio.com
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