Small business owners not optimistic as inflation, labor struggles continue: NFIB survey
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Small business owners are not feeling optimistic about the current economic environment as they continue to feel the impact of inflation and hiring struggles, according to a new survey from the National Federation of Independent Business.
In October, the NFIB's Optimism Index was 90.7 points – a 0.1-point drop from September – marking the 22nd consecutive month below the index's 50-year average of 98. The last time the index was at that average was in December 2021.
«The October data shows that small businesses are still recovering, and owners are not optimistic about better business conditions. Small business owners are not growing their inventories as labor and energy costs are not falling, making it a gloomy outlook for the remainder of the year,» NFIB Chief Economist Bill Dunkelberg said in a news release.
The survey revealed that 22% of small business owners reported their single most important problem to be inflation, down one point from September.
MOST SMALL BUSINESS OWNERS FEAR US ECONOMY WILL WORSEN OVER NEXT YEAR
Small business owners are not feeling optimistic about the current economic environment as they continue to feel the impact of inflation and hiring struggles. (istock / iStock)
The percentage of owners expecting better business conditions over the next six months was unchanged from September at a seasonally adjusted net negative 43%. A seasonally adjusted net negative 17% of all owners reported higher nominal sales in the past three months, which is a nine-point dip from September and the lowest number since July 2020.
The October survey also found that a seasonally adjusted 43% of owners said job openings were hard to fill, the same percentage as in
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