Business Owners Weigh in on Economic Outlook

Kurt Rankin serves as a regional economist for PNC.

A twice-annual survey suggests small and mid-sized Indiana businesses are feeling cautious about the economy. The results, issued by the PNC Financial Services Group Inc. (NYSE: PNC), show fewer employers plan to hire and fewer also intend to give raises over the next six months.

Regional Economist Kurt Rankin says business owners are expecting lower sales and stable profits, which are being driven by economic pessimism, lower stock market performance and heated presidential election rhetoric.

The hiring distribution crosses many sectors, including manufacturing, service and retail. A positive the survey finds is anticipated growth in personal income levels.