The net percent of small business owners raising average selling prices jumped four points in March to a net 72%, the highest reading in the history of the NFIB Small Business Optimism Index.
Small business optimism declined 2.4 points in March to a level of 93.2. It is the third consecutive month below the index’s 48-year average of 98.
Small business owners expecting better business conditions over the next six months declined 14 points to a net negative 49%, also breaking a record as the lowest level ever recorded in the 48-year-old survey.
Inflation replaced “labor quality” as the number one problem cited by small businesses in the survey.
“Inflation has impacted small businesses throughout the country and is now their most important business problem,” NFIB Chief Economist Bill Dunkelberg said in a statement. “With inflation, an ongoing staffing shortage, and supply chain disruptions, small business owners remain pessimistic about their future business conditions.”
