According to the National Federation of Independent Business (NFIB), their monthly Small Business Optimism Index fell by 1.8 points to 97.1 in January, its lowest in 11-months. Inflation remained a leading concern, as were increased input costs – particularly wages – which business owners have raised (50%) or expect to raise (27%) in the coming three months. At the same time, the index shows selling prices surged four points to 61%, the highest in 46 years. Inflation and economic growth are expected to moderate in the coming months as the Fed starts to raise interest rates.

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