Page 3 - Upper Peninsula Business Today -- November 2018
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OCTOBER 2018 UPPER PENINSULA BUSINESS TODAY PAGE 3
Despite Strong Economy, Small Business Owners Stay Cautious
U.P. BUSINESS TODAY
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October 2018 • Vol. 28 • Number 5
JOYCE M. ROSENBERG AP Business Writer
NEW YORK — Although the economy is strong and consumers are optimistic, many small business owners are holding fast to their cautious approach to expansion.
The government’s latest estimate of second- quarter economic growth, released last week, showed that the gross domestic product grew at an annual rate of 4.2 percent. Meanwhile, the Conference Board’s consumer confidence index rose to an 18-year high last month.
But economic growth slowed in the just-ended third quarter to between 3 percent and 3.5 per- cent, economists say. That’s still strong, but their projections reflect an expected drop in exports. And some economists believe growth will con- tinue to slow in the coming years as the impact of the tax cuts and increased government spend- ing this year begin to fade. And the Federal Reserve,whichlastweekraisedinterestratesfor the third time this year, is trying to ensure that growth doesn’t get out of hand.
Despite an economy that’s generally doing well, small business owners are staying conserva- tive, the stance they’ve held since the Great Recession. That’s the finding of a third-quarter survey of companies by researchers at Pepper- dine University’s Graziadio School of Business
and Management and Dun & Bradstreet Corp. The survey found that just a third of small businesses, those with under $5 million in rev- enue, plan to raise financing in the next six months. Forty-three percent don’t plan to raise financing, and 23 percent aren’t sure what they’ll do. When companies expand, they often seek financing for new equipment, property or
employees.
An index showing demand for financing rose
2.4 percent from the second quarter, but that was down nearly 7 percent from the first quar- ter.
Owners base their growth decisions on how much revenue they’re taking in. And 7.9 percent are projecting higher revenue, in line with the 7.8 percent making that forecast in the second quarter but down from 10 percent in the first quarter.
Some owners have said they’re concerned abouttheimpactoftheTrumpadministration’s trade tariffs on goods imported from China and Europe, and the retaliatory tariffs countries have imposed on U.S. goods. The drop in exports economists expect would be due in part to the fact that companies and farmers rushed to ship their products before U.S. tariffs took effect, and exports will now fall back to more normal levels.
Superior Culture Celebrates Storefront Opening
MARQUETTE- The Lake Superior Community Partnership (LSCP) recently held a ribbon cut- ting ceremony with Superior Culture to celebrate the opening of their new storefront. Superior Cul- ture is known for brewing local kombucha. However, they are now serving beer and cider as well!
Organic tea and sugar are added to a symbiotic culture of bacteria and yeast to produce a one- of-a-kind beverage known as kombucha. All beverages are flavored with freshly pressed fruit juice, herbs, and spices sourced as locally as possible. Their products are fermented in small batches using glass and oak barrels, never plastic.
Superior Culture is located at 717 N 3rd Street in Marquette, MI. Contact them at 248-977- 8838 or visit their Facebook page for more information.
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For more information, contact the Lake Superior Community Partnership at (906) 226-6591. Prepared by Emily Tardiff.
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