Optimism among small business owners nationwide fell in September. It’s the first decline in three months. NFIB spokesman Todd Pack says the uncertainty index also rose to its fourth-highest reading in over 51 years.
“Small business owners say business, at the moment, is steady, but they’re worried about rising costs, slower sales and a tight labor market,” Pack said.
Pack says 14% of owners reported inflation as their single biggest problem, and 64% of those small business owners surveyed reported that supply chain disruptions were affecting their businesses.
“That’s up 10 points from August. That’s creating a lot of uncertainty and making it hard for small businesses, mainstream businesses to plan ahead to keep prices and check,” Pack said.
Pack says one in five small business owners cited labor quality as their single most important problem, which is forcing owners to increase pay.
“About 31% of our members who responded to the survey say they increased wages in September. Nearly one in five planned to raise wages sometimes soon,” Pack noted.
