La. businesses express ‘continued caution’ in economic survey

Though the majority of Louisiana businesses, small and large, believe economic conditions are either improving or holding steady, they’re still guarding spending and holding off on hiring and making large investments. That’s according to the new Capital One Bank Market Pulse survey for the second quarter. “We are not seeing significant signs of growth, but the market appears to be showing slow but steady improvement,” says the bank’s state President Rob Stuart. “Stability is positive, but we are not seeing a real line of sight to growth. That reality is contributing to continued caution and pragmatism as businesses consider their hiring and investment plans for the coming months.” The telephone survey was conducted in June with more than 400 participants. Among the findings:
• 46% of large businesses say economic conditions are improving, and 46% say they economy is holding steady.
• 9% of small businesses say they’re seeing economic improvements, while 51% say economic conditions are holding steady.
• 7% of small businesses say their financial position is worse than it was a year ago (down from 22% who said the same in the first quarter survey), while 46% say their finances are about the same as last year’s.
• 32% of small businesses say they plan to do some hiring in the next six months.
• 44% of consumers say economic conditions are “excellent” or “good,” while 56% say local jobs are “easy to find” or “can be found with effort.”