MILWAUKEE (AP) -

A new survey shows many small business owners in Wisconsin believe the economy is recovering, but they are cautious about expanding their companies.

The U.S. Bank survey says 47 percent of responding small business owners think the U.S. economy is in a recovery and 39 percent say it's still in a recession. The rest are unsure.

The survey also shows about two-thirds of owners, in Wisconsin and nationally, are hesitant to make significant investments in their companies and probably would not do so in the next year.

The Journal Sentinel says U.S. Bank surveyed about 3,200 small business owners nationally and 210 owners in Wisconsin. The small businesses are companies with $10 million or less in annual revenue.