Business Owner Survey Reveals Deterioration of National Economic Sentiment

By: Wilmington Trust, a wholly owned subsidiary of M&T Bank Corporation

Financial experts weigh in to help guide business owners if sales, supply chains, spending, hiring, and planning are negatively affected by the COVID-19 pandemic.

  • Survey reveals deterioration of national economic sentiment from 78% to 48% within one week.
  • 81% of survey respondents have experienced direct or indirect impacts on their business due to the virus outbreak.
  • 83% view the outbreak as either a “serious” or “extremely serious” threat to the global economy.

Wilmington Trust and its parent company, M&T Bank, surveyed owners of businesses with revenue of less than $5 million to ascertain their views on the potential impact of the coronavirus (COVID-19) outbreak on the U.S. economy and their business operations.

An initial survey took place from March 9–11 among 419 business owners. Due to the dynamic and volatile situation, an additional survey was conducted with 296 business owners from March 17–18, which illustrates how business owner sentiment had evolved in the ensuing days.

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Disclosures

The information provided herein is for information purposes only and is not intended as an offer or solicitation for the sale of any tax, estate planning or financial product or service or a recommendation or determination that any tax, estate planning or investment strategy is suitable for a specific investor. Investors should seek financial advice regarding the suitability of investment strategies based on their objectives, financial situations, and particular needs. This document is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances.

Note that tax, estate planning and financial strategies require consideration for suitability of the individual, business or investor, and there is no assurance that any strategy will be successful.

Wilmington Trust does not provide tax, legal or accounting advice. The information in this document has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. The opinions, estimates and projections constitute the judgment of Wilmington Trust and are subject to change without notice.

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