Declining business conditions continued to drag down economic confidence among the nation's small-business owners, Discover reported this week.
In a national survey of more than 1,000 owners, 79 percent said they felt the economy deteriorated this month, up from 71 percent in May and the highest level in over two years. More than half said conditions for their business were getting worse.
As a result, a growing number were cutting spending and hiring plans for the months ahead, while struggling with cash flow issues, the survey found.
"With prices rising, especially for gas and food, just about everybody is feeling the squeeze," Ryan Scully, director of Discover's business credit card, said in a statement.
Scully said reduced spending can cut into profits, leaving owners with less to invest in finding new business.