The National Federation of Independent Business’s Small Business Optimism Index came in at 98.2, a 0.6 decline from September. However, optimism among small business owners still remains higher than its 52-year average of 98.
The NFIB survey also found that 27% of small business owners cite labor quality as their biggest problem. Up 9 points from September, labor quality ranked 11 points higher than taxes, small business owners’ second biggest concern.
NFIB Chief Economist Bill Dunkelberg explained that many small businesses continue to navigate labor shortages that, in turn, impact labor quality.
More key findings from the report:
- Consistent for the second month in a row, 32% (seasonally adjusted) of respondents reported not being able to fill current job openings.
- Down 6 points from September, a net negative 13% of owners (seasonally adjusted) claimed higher nominal sales in the past three months.
- Down 9 points from September, the frequency of positive profit trend reports hit a net negative 25% (seasonally adjusted).
- Actual and planned price increases fell from September to October.
- Falling 3 points, the net percent of owners claiming inventory gains hit a net negative 6% (seasonally adjusted).
- Down 4 points from September, 60% of owners reported supply chain disruptions affecting their business.
- Down 3 points from September, a net 20% (seasonally adjusted) of owners expect better business conditions.
The full report can be viewed here.
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