Small and mid-sized Ohio business owners are slightly optimistic about increased sales, but not on hiring, according to PNC’s latest bi-annual Economic Outlook survey released on Thursday.
Expectations for increased sales climbed slightly to 48 percent from 45 percent six months ago among 151 interviewees.
However, business owners only expect profits to increase slightly.
Owners also expect hiring to decrease seven percentage points since last reported in the fall. Only one in 10 small businesses owners plan to add new full-time employees. That compares to 17 percent six months ago.
Of those not planning to hire, 31 percent say it is because the local economy isn’t improving. A total of 27 percent surveyed said they will do more work with fewer employees.
Price hikes for goods remain under control as 62 percent expect their selling prices to remain the same, while 34 percent plan an increase and 4 percent intend to cut their prices.
The report isn’t all bad news, though.
Optimism on the national economy grew from 6 percent to 8 percent and optimism toward local economies inched up from 8 percent to 11 percent.
Nearly 3 in 10 business owners plan to increase employee compensation over the next six months (29 percent), up slightly from 27 percent six months ago.