NFIB Research Center Executive Director Holly Wade recently discussed the Small Business Optimism Index with Brad Smith of Yahoo! Finance. The conversation highlighted data from NFIB's February survey and addressed key issues for small business owners.
Wade noted that while small business owners remain optimistic about business conditions, labor and inflation are ongoing concerns. "Small business owners in February still found themselves in a fairly comfortable position in the economy – optimistic about things moving forward," she said. However, she acknowledged that labor is a significant issue, with approximately 19% of small business owners identifying it as their biggest challenge.
The survey revealed record levels of job openings, particularly in retail, construction, and transportation industries. Many businesses have increased compensation to attract applicants and retain employees. Twelve percent of respondents cited labor costs as their primary concern, contributing to inflation pressures.
Inflation remains a notable problem for many small businesses, but two-thirds report their businesses are performing well or excellently. Despite challenges, the majority view their current economic situation positively.
NFIB has been advocating for small and independent businesses for 80 years across the United States. For more information on NFIB's work, visit nfib.com.
