May Small Business Pulse

Chase Center for Economic Intelligence

May 31, 2026

What We’re Seeing

• Profitability stabilizes: Our proxy for business profitability is modestly higher than April on a month-over-month basis, while year-over-year gains are stronger, indicating improved financial footing.
• Payroll growth increases: Building on April’s momentum, net share of businesses increasing payroll y/y rose to 25%. Median payroll increases y/y improved to 7%, indicating improving willingness to hire.
• Business credit comes into focus: Many owners still rely on personal credit for business needs, yet most understand their business has a separate credit score (83%) and view strong business credit as a pathway to improved access and terms. Barriers persist—21% report being denied business credit or financing—highlighting why building business credit over time remains central to resilience and growth.