A National Federation of Independent Business (NFIB) analysis maintains inflation and labor shortages remain at the forefront of small business owner concerns.
“Owners continue to show a dismal view about future sales growth and business conditions but are still looking to hire new workers,” NFIB Chief Economist Bill Dunkelberg regarding findings from the organization’s Small Business Optimism Index. “Inflation, supply chain disruptions, and labor shortages continue to limit the ability of many small businesses to meet the demand for their products and services.”
According to the NFIB, October survey responses from randomly drawn NFIB members showed 33 percent of business owners reported inflation served as their most important problem in operating their business; owners expecting better business conditions over the next six months deteriorated two points from September to a net negative 46 percent; the net percent of owners raising average selling prices decreased one point to a net 50 percent; and the net percent of owners expecting real sales to be higher decreased three points from September to a net negative 13 percent.
Additionally, 46 percent of small business owners reported that in October, job openings were hard to fill, and of those hiring or trying to hire, 90 percent of owners reported few or no qualified applicants for the positions they were trying to fill.
The NFIB noted its Research Center has collected Small Business Economic Trends data with quarterly surveys since the fourth quarter of 1973 and monthly surveys since 1986.