Sunday, October 12, 2008

Economic Breakdown Trickles Down to Small Businesses

Crain's New York reports that an American Express survey of small business owners shows the economic downturn has hurt their businesses:

79% Have seen a decrease in sales
63% Are affected by credit crunch
18% Are at risk of going out of business
12% Have laid off staff

Spending is down at New York City restaurants, sales are down significantly at Macy's and Saks, and banks are denying loans and reducing credit lines.

In another article, Crain's reports that Massey Knakal Realty Services has eliminated eight brokerage positions in the last two months.

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