Findings from the National Federation of Independent Business (NFIB) February Small Business Optimism Index determined business owners continue to have low expectations for better business conditions.
“Small business owners remain doubtful that business conditions will get better in the coming months,” NFIB Chief Economist Bill Dunkelberg said. “They continue to struggle with historic inflation and labor shortages that are holding back growth. Despite their economic challenges, owners are working hard to create new jobs to strengthen the economy and their firms.”
The NFIB noted survey respondents were randomly drawn from the organization’s membership, showing 47 percent of small business owners reported job openings that were hard to fill remained very high; the net percent of small business owners raising average selling prices declined four points to a seasonally adjusted net 38 percent; and the net percent of owners who expect real sales to be higher improved five points from January to a net negative 9 percent.
According to survey respondents, 28 percent of small business owners indicated inflation served as their single most important business problem, representing an increase of two points from last month, and 20 percent of small business owners surveyed reported supply chain disruptions continue to have a significant impact on their business.
Additionally, the NFIB noted that small business owners expressed labor supply problems continue to be a widespread concern.