Results released yesterday from the State of Small Business Report from the Pepperdine Private Capital Markets Project (PPCMP) shows business owner confidence has dropped 34% from Spring 2011 to Fall 2011.
Looking ahead business owners have similar pessimism about the overall economy with just 29% expecting an improvement in business conditions over the next twelve months.
A hint of possible good news is that 44% of the 10,637 privately-held businesses that responded to the survey report they plan to hire additional staff in the next six months.
This possible good news is somewhat tempered when you dig a bit deeper into the results of this study. Small businesses said the top reasons preventing them from hiring new employees are based on recessionary conditions, with 49% of respondents cited economic uncertainty and 30% said weak consumer demand.
Government policy also played a roll with 23% identified government regulations and taxes as their reason not to hire.
Only 22% listed access to capital as the reason they are not able to hire.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.