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In January, uncertainty increased among American small business owners, but optimism remained high. New research From the National Federation of Independent Businesses (NFIB).
The group's uncertainty index rose 100 points last month, making it the third highest recorded reading.
The SME optimism index was also slightly soaked. According to an NFIB survey, it was 102.8 as of January.
People with face masks pass a restaurant on Main Street in Patchig, New York on July 11, 2020. (via Steve Pfost / Newsday RM Getty Images / Getty Images)
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That represents a 2.3-point decline in monthly optimism, but higher than the 51 average of 98. The SME optimism index hit its six-year high in December.
Research shows that in January, 47% of the seasonal adjustments for small business owners were expecting the economy. It dropped 5 points.
Meanwhile, the NFIB shows 17% are bullish about expansion, and now is “effectively” and “good time.”
“Overall, small business owners remain optimistic about future business conditions, but uncertainty is increasing,” NFIB chief economist Bill Dunkilberg said in a statement. “The employment challenge continues to be frustrating as Main Street owners struggle to find qualified workers to fill many open positions. Meanwhile, preparing for the next few months There will be less planned capital investments.”
More than a third of small business owners said it would be difficult for companies to fill openings in January, the survey shows.
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More than half of the owners surveyed were trying to bring new workers into small businesses in January. Many of them — 90% — have “least or no eligible applicants,” the NFIB said.
“Now Hiring” sign posted on May 5, 2023 in Miami, Florida, a business window trying to hire workers. (Joe Raedle / Getty Images / Getty Images)
According to the NFIB, quality of labor and inflation were linked in January as “the most important issue for business.” 18% of small business owners cited either of them as a major issue, pointing out that the stocks have one point lower in labor quality from the previous month.
According to the Bureau of Labor Statistics, inflation measured by the Consumer Price Index increased by 0.4% in month and 2.9% in December from the previous year.
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Regarding capital expenditures, the NFIB also found that 22% of seasonally adjusted SME owners are considering investing in the next six months. That share fell 7 percentage points.
According to the survey, approximately 58% have reported capital expenditures over the past six months.
