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Labor Shortages and Persistent Inflation Batter Small Business Optimism

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Labor Shortages and Persistent Inflation Batter Small Business Optimism

Small business optimism dipped in September as concerns about “labor quality or availability” rose, the National Federation of Independent Business (NFIB) said in a Tuesday (Oct. 13) press release emailed to PYMNTS.

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The NFIB’s Small Business Optimism Index declined 0.8 points to end September at 97.9, the lowest since the 97.4 recorded in June and just below the 52-year average of 98.0, according to the latest NFIB Small Business Economic Trends report.

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“Small business optimism stayed near the long-term average in September as Main Street owners remain uncertain about business conditions,” NFIB Chief Economist Bill Dunkelberg said in the report. “Small business owners are proceeding with caution as they interpret how rising costs, interest rates and the difficulty in finding quality employees are impacting their business.”

Concerns about “labor quality or availability” has been the top reported issue among small business owners for three consecutive months, and the share of owners saying that is their most important problems rose 3 percentage points to 26% in September, according to the release. That figure is at a “historically high level” and is 14 points above the historical average of 12%, per the report.

The second most reported issue was inflation, with the share of small business owners citing that as their most important problem rising 4 percentage points to 20% in September, according to the release.


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