Consumer spending has shown remarkable resilience, rising by 3.5% in 2024's third quarter. Consumer sentiment has also risen in anticipation of the holiday shopping season. US Small Business Administration (SBA) Administrator Isabel Casillas Guzman joins Catalysts to provide deeper insights into the current economic landscape for small businesses.

"This holiday season, in particular, is the most critical for small businesses," Guzman states. She highlights the importance of attracting customers and notes that the current holiday season has been particularly strong, with Small Business Saturday expected to be a significant event for local entrepreneurs.

Addressing the broader economic environment, Guzman says: "Over the past several years, we've come from the worst economic crisis since the Great Depression to the strongest economy in the world." She acknowledges the numerous challenges small businesses have faced, including workforce shortages and inflationary trends, while still contributing significantly to economic growth. "They've had to overcome quite a bit to be resilient," she adds.

However, Guzman notes the role of consumer spending for small business sustainability, saying they are "relying on that ability for our consumers to continue to carry our economy."

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This post was written by Angel Smith