The National Federation of Independent Business’s monthly small business optimism index rose to 91.8 from 89.9 last month, supported by slightly improved near-term expectations and a slight decline in inflation concerns, but optimism rose for the eighth straight month. fell below. 50-year average of the survey.
The share of business owners expecting better business conditions over the next six months was still -42%, although an improvement from -52% in July.
Business owners report that inflation remains the biggest obstacle, with 37% to 29% in July citing inflation as their biggest operational challenge.
The most pressing issue facing small business owners is the quality of the workforce, with 26% citing it as the biggest issue and a further 10% saying labor costs are the biggest business issue. .
“The small business economy is still recovering from the pandemic,” NFIB chief economist Bill Dunkelberg said in a statement. “Inflation remains a serious problem… [and] Labor shortages are impacting the productivity of small businesses. ”
This story is a work in progress and will be updated.