Inflation and rising health insurance costs continue to be major challenges for small business owners across the United States, according to recent reports by the National Federation of Independent Business (NFIB). Tray Abney, Nevada state director for NFIB, stated, “It’s no surprise that the cost of health insurance remains the number one issue for small business job creators, as it has become increasingly difficult to offer their hard-working team members the coverage that they need.”
The NFIB released its quadrennial Small Business Problems & Priorities report and its monthly Small Business Economic Trends (SBET) report this week. These reports highlight ongoing issues faced by small businesses, including increased interest rates and rising costs in various sectors such as goods, labor, gas, and electricity.
Key findings from the Small Business Problems & Priorities report show that “Cost of Health Insurance” remains a persistent concern since 1986. The “Cost of Supplies/Inventories” has moved up in importance due to historic inflation over the past two years. Additionally, “Interest Rates” have risen significantly in priority.
Holly Wade, Executive Director of the NFIB Research Center, commented on these findings: “For the last four years, small business owners have struggled with historic inflation, tax pressures at all levels of government, and uncertainty of what’s going to happen next.” She emphasized that this survey helps illuminate issues affecting small businesses which employ more than half of the private sector workforce.
The latest SBET report indicates that inflation is still a top issue among small business owners. Bill Dunkelberg, NFIB Chief Economist noted that “Cost pressures, especially labor costs, continue to plague small business operations,” highlighting ongoing challenges in filling job openings and adjusting compensation levels.
NFIB’s research focuses on member small-business owners without breaking down data by state. The average NFIB-member small business typically employs between five and nine people.
Further details can be found on NFIB’s website or through their social media channels.
