August marked the eighth consecutive month of the Small Business Optimism Index remaining below the 48-year average of 98, the National Federation of Independent Business announced. The index had a 1.9-point increase to a level of 91.8 in August.
Inflation concerns among small business owners eased, however, with 29% reporting it was their single most important problem—a decrease of eight points from July, which had the highest reading since the fourth quarter of 1979.
“The small business economy is still recovering from the pandemic while inflation continues to be a serious problem for owners across the nation. Owners are managing the rising costs of utilities, fuel, labor, supplies, materials, rent, and inventory to protect their earnings,” NFIB Chief Economist Bill Dunkelberg said in a statement. “The worker shortage is impacting small business productivity as owners raise compensation to attract better workers.”
