A majority of business decision-makers of U.S. small to midsize companies expect their sales to stay the same or grow in the fourth quarter of this year, according to a Morning Consult survey sponsored by Balboa Capital, a division of Ameris Bank.

Specifically, 37 percent of those surveyed expect high or moderate growth in sales, and 30 percent expect no change in sales through the end of the year. About 24 percent expect a decline in sales, and 8 percent are undecided.

The sales confidence is reported despite mixed feelings about the performance of the U.S. economy in the fourth quarter. Only 41 percent of business decision-makers expect the economy to remain flat or expand in the next three months, whereas 49 percent feel the U.S. will see economic contraction or recession, and 10 percent were undecided.

“The Morning Consult survey results align to our own market feedback of small business owner sentiment,” said Balboa Capital President Phil Silva. “We see business owner confidence holding strong, although there are still concerns as we enter the fourth quarter. Inflation and rising costs, employee retention, rising interest rates, and supply shortages remain top challenges facing businesses.”

Notably, the sales expectations appear to be sustaining company spending. “In Balboa’s study, only 23 percent of business owners said they would decrease spending, while 24 percent plan to increase spending and 53 percent will maintain their current level of spending,” Silva said. “We see this firsthand as we work with businesses to obtain expeditious financing for equipment or other critical business needs they have.”

The Morning Consult survey was conducted Sept. 12-16, 2022, among 960 final decision makers or decision influencers of small to midsize U.S. companies. Margin of Error +3 percent.