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Pessimism Reigns In Business Survey Results

fed_business_pessimism_chart.jpg
Federal Reserve Bank of Minneapolis

Economic conditions are improved since the worst of the pandemic’s effects, but survey results show business owners are still pessimistic about the future.

The Federal Reserve Bank of Minneapolis regularly polls companies across a six-state region. That includes South Dakota.

New results show historic levels of pessimism in the professional services sector. Businesses that anticipate declining sales revenue and profits over the next year outnumber those that expect growth.

The Fed’s Joe Mahon shared the results Wednesday in a webinar.

“So what we’re actually seeing this year is that we got really the lowest level of optimism for sales and employment that we’ve seen in the history of the survey," Mahon said.

The survey began in 2006. The latest round was conducted in July and August. It included 236 respondents in service industries such as accounting, engineering, administrative support, and consulting.

More results from the survey are available on the Minneapolis Fed's website.

-Seth Tupper is SDPB's business and economic development reporter.

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Seth supervises SDPB's beat reporters and newscast team. He works at SDPB's Black Hills Studio in Rapid City.
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