The National Federation of Independent Business (NFIB) noted the organization’s Small Business Optimism Index remained unchanged in April at 93.2.
The figure represents the fourth consecutive month below the 48-year average of 98. Small business owners anticipating improved business conditions over the next six months declined one point to a net negative 50 percent, serving as the lowest level recorded in the 48-year-old survey.
“Small business owners are struggling to deal with inflation pressures,” NFIB Chief Economist Bill Dunkelberg said. “The labor supply is not responding strongly to small businesses’ high wage offers, and the impact of inflation has significantly disrupted business operations.”
According to the NFIB, the survey findings – crafted from respondents randomly drawn from the NFIB’s membership, showed that 47 percent of owners reported job openings that could not be filled; the net percent of owners raising average selling prices declined two points to a net 70 percent; and the net percent of owners expecting real sales to be higher increased six points from March to a net negative 12 percent.
Survey respondents revealed that inflation continues to be a problem for small businesses, per the NFIB, with 32 percent of small business owners indicating it is the single most important challenge in operating their business.