SACC USA Business Survey, October 2022:

PRESS RELEASE

The mid-term elections will be a thriller says new survey from SACC USA

Joe Biden will not seek a new vote of confidence in the presidential election in 2024. That is what 69 percent of the Swedish American Chambers of Commerce USA (SACC USA) think in the new SACC USA Business Survey. 56 percent also respond that Donald Trump will seek to become president in the 2024 election.

“Our members’ views are reflected in how Biden and Trump have responded to questions about their respective candidacies in 2024,” says Karin Hammar, Executive Director at SACC USA. “While Biden has been vague on the issue, which has fueled speculation, Donald Trump has sounded clearer about running for office in 2024. In addition, one must not forget that, according to surveys, Trump still has strong support in the Republican Party.”

Over 200 members of SACC USA have responded to the survey that was up October 4-18. A slim majority, 51 percent, believe that the Democrats will retain the majority in the Senate. In comparison, 57 percent believe that the Republicans are moving forward and will win the majority in the House of Representatives.

“The conservatives surfed on a wave during summer, marked by the debate about abortion rights, but now the Democrats and Joe Biden have cut into the conservatives’ lead, and the fight between the two candidates has turned into a real thriller,” said Karin Hammar.

“However, the Democrats should strengthen their economic message as this is at the top of voters’ lists according to other recent surveys. If he wins, Biden could become historic as the first Democratic president since Kennedy who managed to hold a Senate majority in a midterm election.”

“A loss, on the other hand, would diminish Joe Biden’s ability and risk stopping several of his plans, such as codifying abortion rights, building a stronger social safety net, and creating battles over spending priorities. And as I said, it’s only about a single seat advantage in the Senate for the Democrats,” she said.

A strong dollar, high-interest rates, and inflation on a falling stock market
Regarding economic development, the outlook is rather gloomy among the members of SACC USA. Just over six in ten believe that annual inflation will remain above 8 percent, and about the same number (57 percent) predict that the Federal Reserve’s key interest rate will remain above 4 percent in January 2023. The vast majority of SACC USA’s members (64 percent) predict a falling stock market in 2022, with nearly four in ten (37 percent) believing the stock market will fall by more than ten percent this year. The forecast for the Swedish krona against the dollar is not cheerful reading either. Almost seven out of ten members (67 percent) believe that one dollar will be above SEK 11.50 in 2022, and nearly a third of those who responded think the rate will be SEK 12 or more.

“A strong dollar benefits many Swedish companies here in the USA, mainly those in the engineering and raw materials sector that largely export their goods and services and are paid in dollars. But, at the same time, companies in Sweden that make large purchases in dollars are at a disadvantage,” says Karin Hammar.

For more information, please contact:
Karin Hammar, Executive Director, SACC USA
+1-202-415-1899
karin.hammar@sacc-usa.org

André Persson, CCO, SACC Texas
+1-972-765 54 52
andre.persson@sacctx.com

About the Swedish American Chamber of Commerce
The Swedish-American Chamber of Commerce (SACC-USA) develops trade relations, investment opportunities, and academic exchange. Our network consists of 20 regional chambers and offices across the United States, serving over 2,000 members and hosting over 200 business events annually. We help companies and organizations with contacts and potential business assignments through customized business programs. SACC USA is designated and approved by the U.S. Department of State as a J-1 visa sponsor for interns and researchers. The Swedish Migration Agency also supports SACC USA as an international exchange organization that assists Swedish companies. SACC USA looks forward to welcoming you as a member of our extensive network. Read more at www.sacc-usa.org.

About SACC USA Business Survey
The SACC USA Business Survey was conducted between October 4-18, 2022. The survey aimed to determine how SACC USA members perceived the state of opinion ahead of the upcoming midterm elections. The survey also asked about the economic development in the United States during the fall of 2022 and beyond. More than 200 SACC members across the United States participated in the nine-question online survey. SACC’s members bring together a dynamic and diverse mix of large companies, SMEs, business leaders, investors, professional experts, and representatives of various organizations and academia. SACC USA is represented in 37 states. Read more about the survey below.