Silver State Times

The latest Small Business Economic Trends report, released today by the National Federation of Independent Business (NFIB), indicates that inflation continues to be the primary concern for Main Street entrepreneurs.

Tray Abney, the Nevada State Director for NFIB, expressed a cautious optimism, noting, "While it’s a positive sign that small business optimism ticked up slightly in April, the overall report still registered a 28th consecutive month below its 50-year average." Abney further added, "Everything is still too expensive; Wall Street banks are gouging us with credit card fees; and we cannot find any qualified workers to fill our open positions." He hopes that political candidates will include small business owner's interests in their platforms.

Bill Dunkelberg, NFIB’s Chief Economist, highlighted the ongoing economic challenges. “Cost pressures remain the top issue for small business owners, including historically high levels of owners raising compensation to keep and attract employees," Dunkelberg said. He noted the pessimism among small business owners as they navigate these challenges, stating, "Owners are dealing with a rising level of uncertainty but will continue to do what they do best – serve their customers.”

The NFIB's report, also known as the Optimism Index, serves as a critical measure of the small business economy in the United States. It's widely used by the Federal Reserve and other policy makers as an indicator of economic health.

Key findings from the report include a decrease in the percentage of owners identifying inflation as their most significant problem, now at 22%, down from March figures. Meanwhile, a seasonally adjusted net 26% of owners plan to raise prices, reflecting a decrease from last year's numbers.

Employment challenges also continue, with 40% of owners reporting unfillable job openings, an increase from previous months. The percentage of owners raising average selling prices has also slightly decreased.

For more details on the ongoing situation of small businesses, NFIB provides resources and updates on their official website and social media platforms.