Thirty-nine percent of owners reported the supply-chain disruptions had a significant impact on their business, especially those in manufacturing, retail, agriculture, and construction.
Small businesses have also not been immune to the supply-chain shortages that have snarled inventories across all sectors of the economy. About half said they had to raise compensation for their employees in response to hiring problems. Mixed Views From Small Business Owners The NFIB Small Business Optimism Index fell 0.1 point to 93.1 in May, which was slightly above the consensus forecast of 93.0. Small businesses have also had to grapple with a nationwide labor shortage that has especially disadvantaged small-and-medium-sized businesses-94% of those hiring reported few or no qualified applicants. economy added 372,000 jobs in June-far above consensus expectations of 250,000-and the unemployment rate held steady at 3.6% in May for the fourth straight month.Ī strong labor market comes with its own host of challenges. And indeed, the Labor Department’s numbers on Friday proved that the market for job seekers is strong. The NFIB Small Business Optimism Index in the United States decreased to 89.5 in June of 2022, the lowest since January 2013, and compared to 93.1 in May. Jobs exist.Īccording to the survey, 19% of small-business owners continued to plan to create new jobs in the next three months. “The biggest risk we see is that businesses may have a harder time passing along higher input costs,” said Jeffrey Roach, chief economist for LPL Financial.īut there was one sliver of good news packed into the report.
Even so, many are expecting real sales to drop over the course of the year, with negative 28% of owners saying they believed real sales volumes will be higher. The Index of Small Business Optimism decreased by. The headline of the Economic Trends report is Small Business Optimism Pauses in May as Labor Shortage Slows Growth. Businesses are raising prices in response to surging manufacturing prices-69% of owners raised average selling prices, NFIB’s survey found. The May NFIB Small Business Optimism report was released yesterday, June 8, 2021.
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