Small business optimism increased 1.6 points in June to a level of 91.0 on the NFIB’s Small Business Optimism Index.
The index remained below its 49-year average of 98 for the eighteenth consecutive month.
Among small business owners, 24% reported inflation as the top business concern, and another 24% reported labor quality as the top concern.
The net percentage of small business owners raising average selling prices fell three points to a net 29%, the lowest reading since March 2021 and “still a very inflationary level but trending down,” according to NFIB.
“Halfway through the year, small business owners remain very pessimistic about future business conditions and their sales prospects,” NFIB Chief Economist Bill Dunkelberg said in a statement. “Inflation and labor shortages continue to be great challenges for small businesses. Owners are still raising selling prices at an inflationary level to try to pass on higher inventory, labor, and energy costs.”
The full NFIB report can be found here.
