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Four in 10 L.A. small-business owners have confidence in recovery

May 17, 2012|By Ricardo Lopez
  • In a survey of local businesses conducted by Bank of America, almost 40% of Los Angeles business owners said they think the local economy will improve in the next year.
In a survey of local businesses conducted by Bank of America, almost 40%… (Kirk McKoy / Los Angeles…)

Almost 40% of Los Angeles small businesses owners are confident the local economy will improve in the next year and boost their businesses, according to survey results released by Bank of America on Thursday.

The inaugural survey of 1,000 small businesses nationwide asked owners about their outlook on the economy and concerns that may affect their businesses.  

About three-quarter of the businesses surveyed were worried about the strength of the U.S. dollar and commodities prices, such as gas and oil, the survey found. Nationally, 75% of the entrepeneurs who participated said they had concerns about the effectiveness of political leaders. 

The survey also polled 300 businesses in nine metropolitan areas, including Dallas, New York, Washington and Los Angeles.

Among the results from Los Angeles business owners:

-- 29% said they planned to hire more workers in the next year.

-- 51% planned to keep staffing levels the same.

-- 54% expect revenue to increase

-- 52% said they regularly forgo free time to run their enterprises, and 40% forgo exercise. 

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