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A decline in optimism among small business owners is evident as the NFIB’s Small Business Optimism Index dropped to 91.3 in August, reflecting 20 consecutive months below its 49-year average of 98.
Inflation remains a significant concern, with 23% of small business proprietors naming it their primary business hurdle, an uptick from last month. Meanwhile, average selling prices are also increasing, suggesting continued inflationary pressures.
Bill Dunkelberg, NFIB Chief Economist, commented, “With small business owners’ views about future sales growth and business conditions discouraging, owners want to hire and make money now from strong consumer spending. Inflation and the worker shortage continue to be the biggest obstacles for Main Street.”