Nearly a third of small business owners nationwide say inflation is their single most important problem in operating their business. That’s a slight decrease from a previous survey conducted by the National Federation of Independent Businesses. NFIB State Director Dawn McVea says inflation remains a serious challenge for small businesses.
“We know that inflation is still a problem, the rate telling us that it’s their number one problem has reduced some,” said McVea.
A consumer Price Index Report released this week showed annual price inflation hit eight-point-three percent in August, which was slightly down from July. McVea says the survey also shows small business owners have a dismal outlook when it comes to better business conditions over the next six months.
“You probably won’t see any increase in the optimism outlook until maybe after the election,” said McVea.
McVea says spending and plans to spend by small business owners remain historically weak and uncertainty remains high. She hopes 2022 can still end on a high note.
“The fourth quarter is very important to small business owners, very important especially if it’s the retail industry. They’ve got to get a great fourth quarter to get through the end of the year,” said McVea
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