December 18, 2019 – Following a strong summer, third quarter growth was relatively flat across Visa's three health indexes for small business spending, borrowing and risk. Small businesses were also showing signs of caution, with one in five small businesses (17 percent) saying the U.S. economy was weaker than the previous quarter, an increase of 5 percentage points, according to Visa's third quarter small business survey. This may be because a similar number of small businesses (19 percent) feared that tariffs would have a negative impact on their business as they look towards 2020 and beyond.
Small businesses remain the bedrock of the economy. However, with most reporting flat revenues last quarter and a growing number saying their confidence in the economy has been shaken, small businesses could adopt a more cautious stance going forward.
— Wayne Best, Visa Chief Economist.