By Naveen Athrappully
Optimism among America’s small business owners fell last month, with many of them deeply concerned about the negative effects of inflation, according to the National Federation of Independent Business (NFIB).
The NFIB’s Small Business Optimism Index fell 0.8 points to 91.3 in October, which is the 10th straight month the index has remained below the 49-year average of 98, according to a Nov. 8 press release. Owners who expect business conditions to improve over the next six months declined two points to a net negative 46 percent. The net percent of owners expecting real sales to climb higher fell by three points to a net negative 13 percent.
Inflation was cited as the single most important operational problem by 33 percent of owners, which is three points higher than in the previous month. It is also only four points lower than the July reading, which was the highest since Q4 1979.
Among survey respondents, 46 percent found it difficult to fill their job openings. Among owners hiring or trying to hire, 90 percent reported that they found few or no qualified candidates to fill the posts.
“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, according to the release.
“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.”
While 31 percent admitted that supply chain disruptions have had a “significant impact” on their business, 31 percent said they only had a “moderate impact,” while 27 percent felt the impact was only “mild.”
Rent Delinquency, Election Issue
According to an analysis by small business referral network Alignable, the rent delinquency rate among small businesses rose by 7 percent in October, which is the “largest, most rapid increase in 2022.”
In September, only 30 percent of owners were unable to pay their rent in full and on time, a figure that rose to 37 percent in October.
One factor cited by the businesses for rent delinquency is the cumulative, negative impact of more than a year of elevated inflation that has absorbed most of the gains in sales. Increases in supply chain costs, high gas prices, and rising labor shortages and expenses are some of the other factors.
In an interview with Fox, a spokesperson from the U.S. Chamber of Commerce pointed out that small business owners are worried about burdensome regulations.
Speaking to the outlet, NFIB spokesman Jon Thompson cited the recent expansion of the IRS and concerns about potential tax hikes as additional regulatory issues.
“This Election Day, small business owners and employees are energized and motivated to cast their ballot for candidates who will stand up for Main Street and enact pro-small business policies,” he said ahead of the polls.
Affiliate News Feeds
- Washington Examiner
- The Federalist
- The Epoch Times
- The Guardian
- The Gateway Pundit
- Judicial Watch
By Katie Spence Former President Donald Trump has branded as a “sham” a Department of Justice (DOJ) investigation into his handling of classified documents and the Jan. 6 breach. And he won’t cooperate with… [...]
By Jack Phillips Rep. James Comer (R-Ky.), the likely next chairman of the House Oversight Committee, said that Republicans will investigate more than 150 suspicious activity reports filed by banks concerning Hunter Biden’s… [...]
The biggest thorn in California Gov. Gavin Newsom’s side is now headed to Congress as part of the Golden State's mini-red wave. [...]
A number of public school districts across the country are encouraging students and staff to "rethink" the Thanksgiving holiday because of the colonial oppression of Native Americans by English settlers. [...]
Advent draws us away from the spirit-stifling societal frenzy and into the quiet, where we can commune with God. [...]
YouTube deleted the video comparing Trump's statements questioning the 2020 election results to Democrats questioning the 2016 contest. [...]
Arizona Republican gubernatorial candidate Kari Lake said that she is planning a larger legal challenge than the one that her team filed against Maricopa County earlier this week. “So we… [...]
Sen. Raphael Warnock (D-Ga.) and his Republican challenger Herschel Walker are pushing hard for turnout as the two head into the Dec. 6 Senate runoff in Georgia. According to a… [...]
Lack of imagination mars turgid stalemate in QatarSide can afford to lose to Wales by margin of up to three goalsEngland’s footballers are on the verge of the World Cup… [...]
Author Nazir Afzal labelled the service ‘institutionally misogynist and racist’ and hoped the review would be a ‘turning point’Incidents of misogyny, racism and bullying have been exposed by an independent… [...]
While Joe Biden was enjoying Thanksgiving on Nantucket this week, he made some incredibly ignorant comments about guns to a reporter. These comments prove that he has no real understanding… [...]
Another Biden family fail. Joe and Jill Biden are spending the Thanksgiving weekend at a $30 million estate in Nantucket, Massachusetts. The Biden clan took Air Force One to Nantucket… [...]
From Washington Examiner: San Francisco’s district attorney has refused to release public documents and video of Paul Pelosi’s attack to conservative watchdog Judicial Watch, instead directing the group to a… [...]