STORY CONTINUES BELOW THESE SALTWIRE VIDEOS - More than half of U.S. small business owners believe the economy is already in a recession, marking a slight decrease between July and April, despite most firms reporting their own financial condition was strong, a survey released on Monday showed.
On the economy, 52% of small business owners said they believe the economy is already in a recession, down from 55% in April, the survey found. That belief comes despite broad signs of strength across the economy and growing body of evidence that the economy could avoid a long-anticipated downturn. For instance, more than two-thirds of all firms said that the financial state of business was"excellent" or"good," a slight decline since April, but still strong as consumer spending continues to surpass expectations, and expectations for third-quarter gross domestic product growth continues to get revised upwards. On top of that, 80% of firms reported that the local economy was at least"okay.