1/13/2024 0 Comments Nfib small business optimism index– The net percent of owners raising average selling prices decreased one point to a net 37% seasonally adjusted. – Forty-three percent of owners reported job openings that were hard to fill, down four points from February and remaining historically very high. “Hiring plans fell to their lowest level since May 2020, but strong consumer spending has kept Main Street alive and supported strong labor demand.” “Small business owners are cynical about future economic conditions,” said NFIB Chief Economist Bill Dunkelberg. Small business owners expecting better business conditions over the next six months remain at a net negative 47%. Twenty-four percent of owners reported inflation as their single most important business problem, down four points from last month. Opinions or views expressed in these articles do not necessarily represent those of FEA.Small Business Optimism Index decreased 0.8 points in March to 90.1, marking the 15th consecutive month below the 49-year average of 98. With inflation, an ongoing staffing shortage, and supply chain disruptions, small business owners remain pessimistic about their future business conditions.”įEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. In a statement prepared for the release of the February Index, NFIB Chief Economist Bill Dunkelberg said, “Inflation has impacted small businesses throughout the country and is now their most important business problem. Not seasonally adjusted, 18% reported increases in stocks while 21% reported reductions. The net percent of owners reporting inventory increases fell five points to a net 0%.Owners expecting better business conditions over the next six months decreased -14 points to a net negative -49%, the lowest level recorded in the 48-year-old survey.Forty-seven percent of owners reported job openings that could not be filled, a decrease of one point from February.Unadjusted, three percent of owners reported lower average selling prices and 71% reported higher average prices. The net percent of owners raising average selling prices increased four points to a net 72% (seasonally adjusted), the highest reading recorded in the series.Only 8% report no impact from recent supply chain disruptions. Another 28% report a moderate impact and 23% report a mild impact. Inflation has now replaced “labor quality” as the number one problem for small business owners.įorty percent of owners report that supply chain disruptions have had a significant impact on their business, up three points. Thirty-one percent of owners reported that inflation was their single most important problem in operating their business, a five-point increase since February and the highest reading since the first quarter of 1981. The National Federation of Independent Business (NFIB), one of the largest small business associations in the U.S., reported today (4-12-22) that their NFIB Small Business Optimism Index decreased by -2.4 points to a reading of 93.2, the third consecutive month below the 48-year average of 98. March 2022 Report: Inflation Overtakes Labor Quality as Top Business Problem For Small Businesses
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