Small Business Optimism Inches Higher » CBIA – CBIA

by | Oct 14, 2022 | Business

Optimism among small business owners is increasing, but remains far below average based on the results of a national survey.

The National Federation of Independent Business Small Business Optimism Index released Oct. 11 rose 0.3 points in September to 92.1.

September marked the third consecutive monthly increase from a low of 89.5 in June. However, it’s also the ninth consecutive month below the near half a century average of 98.

“Inflation and worker shortages continue to be the hardest challenges facing small business owners,” said NFIB chief economist Bill Dunkelberg. 

“Even with these challenges, owners are still seeking opportunities to grow their business in the current period.”

CBIA president and CEO Chris DiPentima said the report “shows that small businesses are doing what they can to rise to meet the significant challenges they are facing.”  

“It also shows that there is work to be done to implement the solutions that will transform the economy and provide opportunities for all,” he said.

Inflation

Thirty percent of surveyed small businesses reported that inflation was their single most important problem. 

According to the U.S. Bureau of Labor Statistics, the consumer price index rose 0.4% in September. Inflation is up 8.2% on a 12-month basis, but down from its peak of 9% in June.  

Source: National Federation of Independent Business Small Business Optimism Index.

A net 51% of small businesses raised average selling prices. That’s a two-point decrease and the lowest level in a year.  

Almost one-third (31%) of business owners plan price increases in the next three months, the lowest perc …

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