Small Business Owners Continue to Struggle with Inflation and Labor Shortage

The March 8 NFIB Optimism Index continued to fall in February to 95.7 compared to the average score of 98. Inflation was again reported by 26% of business owners as their biggest concern with 68% of owners increasing average selling prices, the greatest price increase activity in 48 years. Business owners also reported that job openings could not be filled, at 48% up 1% from January. With demand for goods exceeding supply, and inflation already breaking 40-year levels, the next report is expected to show more of the same as the impacts of Russia’s invasion of Ukraine begin to be felt.

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