Despite some improvements, small business owners across the United States continue to face challenges, according to a recent report on the nation’s small business economy. The National Federation of Independent Business (NFIB) released its latest Small Business Economic Trends report today.
Tray Abney, Nevada state director for NFIB, commented on the findings: “While it is good to see small business owners’ optimism inch higher, we know that they continue to struggle with finding and keeping quality employees.” He noted that increases in minimum wage and market necessity have led employers to raise wages, which in turn contributes to inflationary pressures. Abney expressed anticipation for relief plans from candidates and public officials in the coming fall.
NFIB Chief Economist Bill Dunkelberg also weighed in: “Main Street remains pessimistic about the economy for the balance of the year. Increasing compensation costs have led to higher prices all around. Meanwhile, no relief from inflation is in sight for small business owners as they prepare for the uncertain months ahead.”
The report highlights that inflation remains a significant issue for small businesses, with 21% of owners identifying it as their most pressing problem. The NFIB Small Business Optimism Index recorded its highest reading this year at 91.5 in June, slightly up from May but still below historical averages.
A net 22% of businesses plan to increase compensation over the next three months, reflecting an upward trend compared to May.
The NFIB’s monthly Small Business Economic Trends (SBET) report serves as a key indicator of America’s small business economy and is widely used by various government bodies and officials. It provides insights into Main Street enterprises employing half of all workers and generating substantial new jobs.
For further details on Nevada’s small-business news or more information about NFIB’s activities over its 80-year history advocating for independent businesses, interested parties can visit their website or follow them on Twitter.
