Keystone Today

President Joe Biden’s first year in office has been challenging due to the ongoing COVID-19 pandemic and an unusually high inflation rate.

While a recent McLaughlin & Associates survey found that most Americans have a negative outlook of the job Biden is doing and the direction the country is heading, Pennsylvania business leaders have high hopes that the economy will rebound this year.

According to a January report by Pittsburgh Business Times, a 2022 Economic Outlook survey distributed among business leaders around the state found that they expect to see an increase in their company’s revenue and profitability. Most business leaders reported that their companies made changes to business models due to the pandemic. In turn, they are more confident in their success this year when compared to 2021. 

According to the study, 65% have confidence in the success of their companies, which was 20 points higher than 2021. 

The confidence in the state’s economy rose eight points to 18%, and the confidence in the U.S. economy hit 31%. About 70% expect their revenue to increase, which is 46% higher than last year.

“With price increases pushed out in fiscal 2021, local businesses appear positioned for growth in the new year, as they invest in salespeople and marketing to grow at a more profitable pace,” Annie Mulock Westbrook, managing director of CIBC Commercial Banking in Pennsylvania, told the Pittsburgh Business Times.

The McLaughlin & Associates study polled 1,000 likely voters between Jan. 13 and 18 as part of a monthly survey of national trends about the political environment in the U.S. In the Eastern region of the United States, 59% of people believe the country is on the wrong track, whereas 31% say it is headed in the right direction.

Biden currently has a 41% approval rating with 57% disapproving, which is a downward trend for the president, who had a 55% approval rating in March 2021, according to McLaughlin & Associates.

As of January, 62% of Americans believe the economy is getting worse, while only 30% say it is getting better. Last year, 52% of Americans believed the economy was worsening and 42% felt it was improving.

The study also showed that 52% believe the country is in a recession, while 40% think the economy is not in a recession. When asked in March 2021, less than 50% of Americans felt the U.S. economy was not in a recession.