Top 3 survey insights from US small businesses in July 2024

Latest survey suggests inflationary pressures are easing

Every three months, Intuit QuickBooks commissions surveys of more than 5,000 small businesses around the world. In the latest survey of more than 1,500 US small businesses, respondents shared three signals that inflationary pressures in the small business economy could be easing. 

1. The number of small businesses planning price increases continues to fall, and is now at the lowest level since the survey began in September 2022:

• 63% reported price increases in July 2024.
• This is down from a peak of 74% in April 2023.

2. The number of small businesses planning pay increases is also down:

• 44% are considering increasing workers’ pay over the next three months.
• 50% were considering increasing workers’ pay this time last year.

3. The number of small businesses experiencing or expecting higher operating costs continues to fall, and both are now at the lowest level since the survey began:

• 48% reported cost increases in July 2024—down from a peak of 52% in October 2023—while 50% reported flat or lower costs. 
• Similarly, the number of small businesses predicting cost increases is down to 43% from a peak of 48% in April 2023.

Why this matters

A quarter of US small businesses (25%) reported worse access to financing in July 2024. If lower inflation makes an interest rate cut more likely, this can make it easier for small businesses to access financing, fueling small business jobs and growth.