The high interest rates in the United States are putting pressure on small businesses, according to Ian Shepherdson, Chief Economist at Pantheon Macroeconomics. Unexpectedly, the sentiment of small business owners dropped sharply last month, according to a survey by the National Federation of Independent Business (NFIB). Shepherdson pointed out that this is often influenced by political noise, as small businesses tend to lean towards the Republican Party. He noted that the Democratic Party's momentum has increased after President Biden withdrew from the election and instead supported Vice President Harris. However, Shepherdson stated that aside from political factors, the more pessimistic data reflects a very tight credit situation, as the Federal Reserve has not yet lowered its interest rates. He said, 'High borrowing costs continue to put pressure on hiring and capital expenditure plans.'
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Pan Sen Macro: Small businesses in the United States are struggling in high credit costs.
The high interest rates in the United States are putting pressure on small businesses, according to Ian Shepherdson, Chief Economist at Pantheon Macroeconomics. Unexpectedly, the sentiment of small business owners dropped sharply last month, according to a survey by the National Federation of Independent Business (NFIB). Shepherdson pointed out that this is often influenced by political noise, as small businesses tend to lean towards the Republican Party. He noted that the Democratic Party's momentum has increased after President Biden withdrew from the election and instead supported Vice President Harris. However, Shepherdson stated that aside from political factors, the more pessimistic data reflects a very tight credit situation, as the Federal Reserve has not yet lowered its interest rates. He said, 'High borrowing costs continue to put pressure on hiring and capital expenditure plans.'