One-Third of Small Business Operators' Say Inflation is Most Important Problem
Results of NFIB’s October Small Business Optimism Index have been released and the outlook remains bleak. The index showed a 0.8 point decline in October to 91.3, marking the 10th consecutive month below the 49-year average of 98. One-third (33%) of small business owners now say inflation is their single most important problem in operating their business.
“Owners continue to show a dismal view about future sales growth and business conditions, but are still looking to hire new workers,” said NFIB Chief Economist Bill Dunkelberg. “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.”
Other key findings include:
- Of the 10 Index components, two increased, seven declined, and one was unchanged.
- Owners expecting better business conditions over the next six months deteriorated two points from September to a net negative 46%.
- The net percent of owners raising average selling prices decreased one point to a net 50% (seasonally adjusted). Half of all firms are raising prices, that’s inflation.
- The net percent of owners who expect real sales to be higher decreased three points from September to a net negative 13%.
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