The National Federation of Independent Businesses released a new survey showing the highest Small Business “uncertainty” since 2020 during the pandemic, when “nonessential” businesses were forced to shut down.
“The small business sector is responsible for the production of over 40% of GDP and employment, a crucial portion of the economy,” said National Federation of Independent Business Chief Economist Bill Dunkelberg. “But for 29 consecutive months, small business owners have expressed historically low optimism and their views about future business conditions are at the worst levels seen in 50 years. Small business owners need relief as inflation has not eased much on Main Street.”
Here are some highlights:
Labor markets:
Forty-two percent (seasonally adjusted) of all owners reported job openings they could not fill in the current period, up 2 points from April.
The difficulty in filling open positions is particularly acute in the construction, manufacturing, and transportation sectors.
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