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Blazing through challenges: How small businesses are navigating the summer economy.
Published July 16, 2024
Commercial Commercial Insights Credit & Economic Trends Economic & Market Insights
U.S. small businesses are navigating a mixed economic climate in 2024, balancing optimism with persistent challenges. The U.S. Chamber of Commerce Small Business Index reflects growing confidence, rising to 69.5, with 73% of businesses anticipating higher revenues and 46% planning increased investments. However, inflation remains a pressing concern for 55% of businesses, compounded by worker shortages, rising insurance costs, and wage pressures. Despite these obstacles, stable cash flows and increasing adoption of AI for efficiency and cost reduction offer hope. To sustain growth, businesses must prioritize operational efficiency and secure affordable funding to weather the economic heat.
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Leisure and Hospitality Resilience and Recovery
The latest Experian Commercial Pulse Report highlights a remarkable rebound for the Leisure & Hospitality sector:
✈️ TSA screened 903M+ passengers in 2024—a 6.5% increase over pre-pandemic levels.
🏨 Hotel occupancy rates are recovering, though still below pre-pandemic levels, as corporate travel remains reduced.
📊 Credit risk scores across subsectors are steadily improving, reflecting stabilizing financial health.
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Credit managers, are you leveraging these insights to adjust your strategies?
Check out the full report to see how these trends could impact your strategy!
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Navigating Industry-Specific Risks
As published on the Business Information blog, Experian's latest Commercial Pulse Report highlights how risk profiles vary significantly by industry and business age.
🔹 New businesses in sectors like Construction and Food Services face higher delinquency rates, signaling elevated credit risks.
🔹 Meanwhile, industries like Retail and Healthcare maintain stable performance, regardless of business maturity—offering balanced opportunities for lenders.
Understanding these dynamics is critical for tailoring lending strategies, mitigating risk, and supporting business growth across industries.
Check out the full report to see how these trends could impact your strategy!