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 Hans Mahncke News Analysis Late on Dec. 2, Elon Musk started the process of releasing thousands of internal Twitter emails. Musk, whose purchase of Twitter was completed on Oct. 28, had previously announced… [...]
By Naveen Athrappully France is banning short-haul domestic flights when there is a regular and frequent train option that takes less than two and a half hours, after a 2021 climate law, No… [...]
By Katabella Roberts House Minority Leader Kevin McCarthy (R-Calif.) vowed on Sunday that the fiscal 2023 National Defense Authorization Act (NDAA) will not move forward unless the military’s COVID-19 vaccine mandate ends. Speaking on Fox Business Network’s “Sunday… [...]
California lawmakers are once again poised to introduce legislation to tax Big Oil despite public backlash over a similar move earlier this year. [...]
The Supreme Court heard oral arguments Monday in a case about whether a custom webpage designer who disagrees with LGBT marriage can refuse to create a website for a same-sex… [...]
President Joe Biden is considering the idea of removing the COVID-19 vaccination mandate for U.S. service members, though he backs Defense Secretary Lloyd Austin’s continued support for the measure. [...]
Even corrupt corporate media are willing to acknowledge the risk of nuclear war is 'now a daily issue for the Biden administration.' [...]
A legal rep for the Loudoun County School Board engaged in witness tampering during an investigation into an alleged sexual assault. [...]
The attack on Lorie Smith is both authoritarian and unconstitutional. [...]
A recently discovered filing in a court case relating to Big Tech censorship revealed that the office of Arizona Secretary of State Katie Hobbs coordinated with Twitter to censor election… [...]
The Biden administration has claims it drained the heavily depleted U.S. Strategic Petroleum Reserve (SPR) in order to save the “global economy.” The White House’s International Energy Affairs adviser, Amos… [...]
To some, it’s an arcane discussion among constitutional scholars that reads like cement. To others, it’s a brazen grab for “runaway legislative power” by state lawmakers who say the U.S.… [...]
Labour-endorsed study finds initiative would save families thousands of pounds, cut benefits spending and raise tax revenuesFree universal preschool childcare and more funding for after-school clubs could increase government revenues… [...]
Union recommends members reject latest offer and adds 24-27 December strike but drops overtime ban Hopes of a deal to avert severe Christmas rail disruption were dashed on Monday night… [...]
PM caves in as up to 100 Tory MPs threaten to rebel, leading Labour to accuse him of putting party before countryRishi Sunak is to drop compulsory housebuilding targets to… [...]
Kari Lake told Tucker Carlson on Monday night following the 2020 Arizona midterm election for governor that was awarded to Katie Hobbs. Previously, Tucker Carlson told Kari Lake that the… [...]
Dr. Simone Gold, President and Chairman of America’s Frontline Doctors, wrote a letter to Elon Musk on Monday, asking to be included in a team of medical experts who will… [...]
The Gateway Pundit reported on thermal drone video showing a massive group of illegal aliens marching like soldiers and illegally crossing into private property into Eagle Pass, Texas one day after Chuck… [...]