Reference: See here Small business confidence made a welcome return to positive territory for the first time in two years, the first evidence that the small business community has now come out of the late 2023 recession, according to FSB's Small Business Index (SBI) for Q1 2024.
The headline confidence reading jumped up over 20 points to reach +5.5 points in the first three months of 2024, up from -15.0 points in the final quarter of last year.
Outside of COVID waves, this is the first confidence reading above zero since 2018, which makes it significant and important that it be sustained.
The gap in confidence readings among major sectors was notably narrower compared to the previous quarter, showing a gentle rising tide across the whole economy . The most positive sector is manufacturing (+19.2 points), getting over a tough last quarter, with the least positive being accommodation and food services (-11.8 points) – a 31-point difference.
Tina McKenzie, FSB's Policy Chair, said, "Having small business confidence back in positive territory in the opening months of 2024 is a relief, after two years of it being underwater, and following on from a particularly difficult end to last year.
"The rebound in confidence levels in most sectors is a good indicator that the shallow recession recorded at the end of 2023 is firmly in the past, and small businesses are keen to look ahead to expansion and better trading conditions .
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