WSJ/Vistage Small Business CEO Survey

A monthly survey measuring the sentiment of U.S. small business CEOs and owners about the economy. Respondents are limited to businesses with annual revenues of $1 million to $20 million. The findings are analyzed by Dr. Richard Curtin at the University of Michigan. View an interactive tool with the full results at


Infographic: View a snapshot of the December WSJ/Vistage Small Business CEO Survey.


The Wall Street Journal/Vistage Small Business CEO Survey reveals insights on the sentiment of U.S. CEOs and small-business owners from a broad range of industries.

It is limited to a random sampling of Vistage members with annual revenues ranging from $1 million to $20 million.
The survey is fielded online for a period of 10 days every month.

To help summarize each month's results, Dr. Richard Curtin calculates a Small Business CEO Confidence Index based on a set of six standard questions about the state of the economy and the prospects for small businesses' revenues, profitability, fixed investment expenditures, and hiring.

All six component questions are scored as the percentage giving favorable replies minus the percentage giving unfavorable replies, plus 100.
The Small Business CEO Confidence Index is then the sum of the components calculated as a percentage of the level recorded in the June 2012 survey. Because the survey began in June 2012, the index for that month was 100.


Who is Dr. Curtin?Dr. Richard Curtin- Vistage CEO Confidence Index
Richard Curtin is a Research Professor and the Director of the Surveys of Consumers at the University of Michigan since 1976.
Professor Curtin's monthly report on consumer confidence is one of the most closely followed economic indicators, with findings from his research extensively reported in the media. His research is widely used by businesses and financial institutions as well as by federal agencies responsible for monetary and fiscal policies. Data from the Surveys of Consumers is an official component of the Index of Leading Economic Indicators.

Through frequent presentations and published articles, Professor Curtin has reported on his research in behavioral economics, including the theory and measurement of expectations, consumer saving and spending behavior, household income and wealth, reactions to changing economic opportunities, and public policy preferences. Professor Curtin has consulted with hundreds of corporations on issues related to future trends in consumer purchases.