Owners expecting better business conditions over the next six months increased nine points from June’s record low level to a net-negative 52%. Expectations for better business conditions have deteriorated every month from January to June of this year.
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Forty-nine percent of owners reported job openings they could not fill in the current period, down one point from June but historically very high. (This is even after reporting increasess in compensation).
As its chief economist notes, “The uncertainty in the small business sector is rising again as owners continue to manage historic inflation, labor shortages and supply chain disruptions.”
CPA Take:
NFIB business surveys might be one of the best barometers of the economy and how small business sentiment impacts political decision-making. Inflation and labor shortages are killers. These small businesses are not alone – as of March 2022, there were over a million unfilled job openings throughout the state. Economic growth cannot be sustained with severe labor shortages.
