National City reports slump in business confidence
Friday, August 01, 2008
CLEVELAND — National City Corp.'s business confidence index, based on surveys of small-business owners in Ohio and six other states, fell to an all-time low in July.
It slipped 0.6 percentage points to 57.2, the banking company said Friday, Aug. 1.
The survey indicated that rising prices of energy have eclipsed housing as the biggest economic concern, said Richard DeKaser, chief economist for National City.
The company's business confidence index is based on a monthly survey of small-business owners in Ohio, Indiana, Illinois, Kentucky, Michigan, Missouri and Pennsylvania where National City operates. The survey is designed to measure the business owners' attitudes regarding the economy and their hiring plans.
The states hit by flooding in June, Illinois and Missouri, showed the largest declines in business confidence during that month but had the biggest rebounds in July, according to the survey.
