A survey of small and midsized business owners in Ohio found a small but growing number who expect to add jobs over the next six months and see profits rise as their optimism in both the state and national economic recovery broadens.
But the survey also exposed business owners' concerns about a growing threat to their bottom lines: inflation, specifically from rising energy and commodity prices.
The semiannual report from PNC Financial Services Group of Pittsburgh is part of a national survey of 1,445 owners of small and midsized firms conducted since Jan. 1. Results in Ohio are based on a survey of 151 business owners, PNC said.
Among the findings:
"Ohio was on its way toward firmer ground [a year ago], but then experienced some backsliding in autumn as the mortgage crisis did not resolve itself," said Kurt Rankin, an economist with PNC Financial Services Group. "The spring results indicate that small and midsized business are returning to form, toward a more optimistic outlook."
Mr. Rankin said falling jobless rates in Ohio; a slow, but steady uptick in consumer spending, and a resurgence in manufacturing are helping business owners feel better about their future.
"Ohio is starting to come back more rapidly than the rest of the U.S. Job growth is returning, unemployment is falling, and consumers are spending in the U.S.," Mr. Rankin said, adding that states with heavy manufacturing bases such as Ohio were escaping the recession faster than states like Florida or California that depend heavily on construction.
Contact Larry P. Vellequette at lvellequette@theblade.com or 419-724-6091.