The Small Business Confidence Index took a nosedive during the second quarter of 2008. Small business owners and managers throughout the country reported lower levels of expectations for the next 12 months in all three categories comprising the index.

Only 22 percent of the respondents indicated they intend to increase hiring the next 12 months, a decrease of 15 points. The report also showed 40 percent of businesses projecting revenue increases, 12 points lower than last quarter.

''The SBCI hit a historic low in the second quarter,'' said Gregg M. Steinberg, president of IPA. ``Given that this is a 12-month, forward-looking view, it would appear that the small- and medium-size business community feels we have not reached bottom yet.''

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