Additionally, insight from leaders in the innovation economy, who focus on implementing new ideas, products and services, indicates growing optimism; however, concerns persist regarding raising capital.
“Here in Indiana, we feel all of those things. We talk to a few clients who are trying to think creatively about their talent pool,” said Christina Moungey, the head of commercial banking for Indiana and Ohio.
JPMorgan Chase’s annual Business Leaders Outlook survey included data on Black business leaders.
The survey found that the top three challenges Black business owners are facing this year are inflation, growing sales and revenue, and rising taxes.
Business Leaders Outlook by JPMorgan Chase
51% of Black business owners are more optimistic on the national economy, compared to 48% of Latino business owners and 43% of small business owners overall.
Black small business leaders are more likely to expect increases in all financial metrics when compared to the total of small business owners.
Many Black business owners plan to focus on adding new customers, keeping existing customers, reducing debt, implementing AI, and increasing or improving employee benefits in 2024.
After a year characterized by upheaval in the banking sector, geopolitical risks and sustained macroeconomic challenges for both small and midsized businesses, leaders are sharing a more balanced outlook heading into 2024.
“The consumer has been very resilient. We have seen wage growth outweigh inflation so that’s something we’re keeping an eye on,” said Erin Shaw, market manager of Indiana and Kentucky offices for J.P. Morgan Private Bank.
“I’ve been in the industry since 2000, and I remember when people use to invest in CD’s, but for the last couple of years, people were looking at other avenues for their investments.”
Indiana has shown an increase in diversity in its local economy, including industries like manufacturing finding success. Other industries, like the auto industry, are working through challenges for the upcoming year.
The U.S. Chamber of Commerce rates Indiana’s worker shortage as “severe” with 72 workers available for every 100 openings, indicating that the impact of labor shortage in Indianapolis is also contributing to trends seen.
The banking company is seeing a trend in business transactions working with private equity firms, some of which could also be a part of their clientele.
According to their Private Bank 2024 Global Investments Outlook Report, inflation will likely settle, but you should still hedge against it with your investments.
For investors, bonds are more competitive with stocks, so it is best to adjust the mix according to your investing ambitions.
According to the survey, while heading into 2024 investors find more options for their portfolios than at any time since before the Global Financial Crisis.
Bond yields are high, equity valuations are fair, and private markets continue to offer premiums over their public counterparts while also becoming more accessible to investors.
Of course, there are always risks, both new and old, like geopolitics to elections to unfolding growth and interesting rate dynamics.
Those are worth weighing as you consider investment options.
JPMorgan Chase has given $15.1 million in philanthropic contributions to Indianapolis from 2019-2023. Chase has a total of 55 branches, over 145 ATMs, around 1,600 employees, over 51,000 small business clients and over 531,000 consumer banking customers.
Contact staff writer Jade Jackson at (317) 762-7853 or by email JadeJ@IndyRecorder.com. Follow her on Twitter @IAMJADEJACKSON.