Suddenly, Wall Street is worried that the U.S. economy is more ‘vulnerable’ than it looks

Summary: A recent survey of small businesses shows poor sales is becoming a more common top concern, a development that Bespoke Investment Group says has historically appeared during economic contractions.

Small businesses are increasingly identifying poor sales as their number one problem, according to the latest survey from the National Federation of Independent Business. The shift has drawn attention from Bespoke Investment Group, which described the result as an unfavorable development.

Why the survey finding matters

Bespoke said poor sales is the top response that businesses would not want to see leading the survey's list of problems. The investment group noted that, during previous economic contractions, the share of businesses citing poor sales as their primary concern rose sharply.

The measure remains relatively low for now, according to Bespoke. However, the group said it has begun to move higher again recently. That combination gives the survey result importance as a potential signal of changing conditions among smaller companies.

A warning sign, not a confirmed downturn

The survey does not establish that the economy is currently in a contraction. Instead, it highlights a developing concern within the small-business sector. The direction of the measure will be important to monitor because a continued increase would indicate that sales pressure is becoming more widespread among small businesses.

For now, the latest reading shows why market observers are paying close attention to the economy's underlying resilience. Poor sales remains a relatively limited concern by historical standards, but its recent rise has introduced an element of caution.