PNC Survey Finds Growing Concern Among N.J. Businesses

NJBIZ, Oct 6, 2008 by Daks, Martin C

Small and medium-sized business owners in New Jersey are worried, according to PNC Bank's "Economic Outlook" survey.

Nearly 30 percent of small-business owners in the state say they have a tougher time getting credit, compared to 21 percent who said that in PNCs spring survey. Meanwhile, 80 percent say they got "little to no benefit" from the federal fiscal stimulus checks.

The subdued sentiment in New Jersey is in line with a dim national outlook, PNC said in an announcement released last week. The study was conducted between late July and mid-August among small and midsized businesses across the nation.

"The results of this survey are significant because they indicate that businesses reported tight credit markets even before the latest Wall Street troubles," PNC senior economist Robert Dye said. "These conditions can reduce business investment, which may result in hiring cutbacks and higher unemployment." - Martin C. Daks