LABOR QUALITY THE TOP PROBLEM FOR SMALL BUSINESSES, FOLLOWED BY INFLATION

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Key Points:

  • The NFIB Small Business Optimism Index declined in April to 89.0, down 1.1 from March.
  • This marks the 16th consecutive month below the 49-year average of 98.
  • Consensus among economists on the January index was a decline of 0.5 to 89.6.
  • 23% of owners reported that inflation was their single most important problem in operating their business.
  • Owners expecting better business conditions over the next six months declined 2% from March to a net negative 49%.
  • 45% of owners reported job openings that were hard to fill, up 2% from March.
  • “Optimism is not improving on Main Street as more owners struggle with finding qualified workers for their open positions,” said NFIB Chief Economist Bill Dunkelberg. “Inflation remains a top concern for small businesses but is showing signs of easing.”
  • The Right Facts will continue to monitor small business optimism.
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