Small business outlook climbs, aided by improving economic and revenue evaluations

The MetLife/U.S. Chamber of Commerce Small Business Index shows optimism about current and future macroeconomic pictures mixed with underlying hesitancy

The author(s)

  • Sara Machi Research Analyst, Public Affairs
  • Mallory Newall Vice President, US, Public Affairs
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Washington, DC, June 15, 2021 - As more Americans are getting vaccinated and communities are beginning to reopen, the MetLife/US Chamber of Commerce Small Business Q2 2021 Index finds that small businesses are becoming more hopeful for the future – especially when it comes to their own revenue expectations.

Sentiments toward our overall economic outlook – both at the national and local levels – are also improving but remain more pessimistic than before the pandemic (though, during the pandemic, economic outlooks have changed rapidly from quarter to quarter. Overall small business health and views toward their current operations remain unchanged. Altogether, while small businesses may not be feeling completely better at present, they are increasingly optimistic. Please visit for more information.

About the Study

These are the findings of an Ipsos poll conducted between April 21 – May 6, 2021. For this survey, a sample of roughly 754 small business owners and operators age 18+ from the continental U.S. Alaska and Hawaii was interviewed online in English.

The sample for this study was randomly drawn from Ipsos’ online panel and partner online panel sources and does not rely on a population frame in the traditional sense. Ipsos uses fixed sample targets, unique to the study, in drawing sample. Small businesses are defined in this study as companies with fewer than 500 employees that are not sole proprietorships. Ipsos used fixed sample targets, unique to this study, in drawing sample. This sample calibrates respondent characteristics to be representative of the U.S. small business population using standard procedures such as raking-ratio adjustments. The source of these population targets is U.S. Census 2016 Statistics of U.S. Businesses dataset. The sample drawn for this study reflects fixed sample targets on firmographics. Post-hoc weights were made to the population characteristics on region, industry sector and size of business.

Statistical margins of error are not applicable to online non-probability polls. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error and measurement error. Where figures do not sum to 100, this is due to the effects of rounding. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll has a credibility interval of plus or minus 4.1 percentage points for all respondents. Ipsos calculates a design effect (DEFF) for each study based on the variation of the weights, following the formula of Kish (1965). This study had a credibility interval adjusted for design effect of the following (n=754, DEFF=1.5, adjusted Confidence Interval=+/-5.6 percentage points).

Index Methodology

To construct national, regional, employee size, and broad industry group level estimates of the health of small businesses in the U.S., a sequence of statistical techniques were applied to the survey results, including elastic net for variable selection and multilevel regression with post stratification (MRP) from the survey data.

Since each business may report the state of its health by different standards, Ipsos uses the core survey questions to construct a stable, consistent definition of small business status. Each business is then classified into one of three categories: poor, neutral, or good. Once each business is measured on a consistent scale, the survey results are fed into a multilevel regression model to generalize our results to a broader set of businesses enabling us to measure the health of businesses not just nationally but also at the level of state, industry, and business size. The model uses employee size, industry type, and location as individual level predictors, as well as data from the BLS on job change by industry.

Next, to ensure that our model results are reflective of the small business population in the U.S., we adjust our estimates using the number of businesses in the over 5,000 possible combinations of state, industry, and firm-size categories to ensure that the model of business health represents the U.S. population of small businesses.

The process used is known as post-stratification, something which was not possible with the original sample due to sample-size limitations. The population estimates for employee size, industry, and location were obtained from the U.S. Census 2016 Statistics of U.S. Businesses dataset.

For more information on this news release, please contact:

Chris Jackson
Senior Vice President, U.S.
Ipsos Public Affairs
[email protected]

Mallory Newall
Director, U.S.
Ipsos Public Affairs
+1 202 420-2014
[email protected]

About Ipsos

Ipsos is the world’s third largest Insights and Analytics company, present in 90 markets and employing more than 18,000 people.   

Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. We serve more than 5000 clients across the world with 75 business solutions.   

Founded in France in 1975, Ipsos is listed on the Euronext Paris since July 1st, 1999. The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD).    ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP 


The author(s)

  • Sara Machi Research Analyst, Public Affairs
  • Mallory Newall Vice President, US, Public Affairs