(The Center Square) – Small businesses in Ohio remain optimistic about the future, but concern is starting to creep in, according to a new survey.
The National Federation of Independent Business recently released its monthly Small Business Optimism Index, which posted its third straight month above the 51-year average of 98.
However, the national index fell by 2.3 points in January to 102.8. At the same time, the uncertainty index rose 14 points to 100 – the third-highest reading ever – after falling over the past two months.
State-specific data is unavailable, but NFIB State Director Chris Ferruso said small business owners in the state have worries.
“Even though optimism among small employers has improved, Ohio small business owners are concerned with the ongoing challenge of finding workers and the increasing costs of business expenses,” Ferruso said. “Lawmakers in Columbus can help alleviate these concerns by avoiding shifting tax burdens on small businesses and continue to promote policies that strengthen the skills of current and prospective employees.”
The report shows the net percentage of owners expecting the economy to improve fell 5 points to 47%, while 18% said inflation was the biggest problem facing their businesses. That matched labor issues as the top overall concern.
The NFIB report comes as the Consumer Price Index, a leading marker of inflation, rose 0.5% in January, according to the U.S. Bureau of Labor Statistics.
The January increase contributed to a 3% increase in the last 12 months, the highest level since June. The rising cost of shelter drove much of the increase.
Price indexes also rose for energy, gasoline and food in January.
