Small business optimism falling, uncertainty rising

(The Center Square) – Small business optimism is falling, and uncertainty is rising, a new survey from the National Federation of Independent Business shows.

NFIB’s Small Business Optimism Index fell by 2.1 points in February, 4 points below its most recent peak in December. At the same time, the Uncertainty Index rose by 4 points, the second-highest reading ever recorded.

Both indicators have reversed since creeping higher over the past few months.

Although state-specific data is unavailable, NFIB Ohio State Director Chris Ferruso said small business owners around Ohio are concerned.

While optimism among small business owners has improved the past few months, small business owners are concerned about the economy and are feeling uncertain,” Ferruso said. “Lawmakers in Columbus should continue to focus on bolstering our workforce and avoid policies that are going to make it harder for small employers to hire and grow.”

- Advertisement -

The NFIB’s latest jobs report showed 38% of small business owners have job openings they can’t fill, the highest mark since August. At the same time, 53% of owners say they were hiring or tried to hire in February.

The group applauded Ohio Gov. Mike DeWine’s recent State of the State Address that focused on jobs and workforce development.

“The continuing worker shortage is a top problem for Ohio’s small businesses, so we are thankful that Gov. DeWine has made strengthening our workforce a priority of his administration and is tasking Lieutenant Governor Tressel to focus on identifying the job, skillset, education, and talent needs in each region of Ohio to assist Main Street,” Ferruso said.

The optimism index also showed only 37% of small business owners nationally expect the economy to improve, a dop of 10 points from January.

At the same time, only 12% believe it’s a good time to expand their business, a 5-point drop from January. And 32% say they plan to raise prices, 10 points higher than January and the largest jump since April 2021.

“Uncertainty is high and rising on Main Street and for many reasons,” Bill Dunkelberg, NFIB chief economist, said. “Those small business owners expecting better business conditions in the next six months dropped and the percent viewing the current period as a good time to expand fell but remains well above where it was in the fall. Inflation remains a major problem, ranked second behind the top problem, labor quality.”

spot_img
spot_img

Hot this week

African and Caribbean Nations Call for Reparations for Slave Trade, Propose Global Fund

Nations across Africa and the Caribbean, deeply impacted by...

Sports betting expert offers advice on paying taxes for gambling winnings

(The Center Square) – Tax season is underway, and...

Health care company agrees to pay $22.5 million to settle claims of over billing

A health care company agreed to pay nearly $22.5...

Entertainment district benefits don’t outweigh the cost, economists say

(The Center Square) — Weeks later, after more details...

Business association ‘disappointed’ by WA L&I’s proposed workers comp rate hike

(The Center Square) – The Association of Washington Business...

Trump Points Finger at Obama Over Ukraine Crisis

(AURN News) — President Donald Trump returned to U.S....

Milwaukee judge awaits May pre-trial hearing, faces 5 years of prison

(The Center Square) – Milwaukee County Judge Hannah Dugan...

WA lawmakers mourn a pair of deaths as session ends

(The Center Square) – Washington state lawmakers found themselves...

Virginia Rep. Gerry Connolly won’t be seeking reelection, citing health

(The Center Square) – Virginia Democratic Rep. Gerry Connolly...

Grants available for recovery from Helene

(The Center Square) – Applications for $100 million in...

Origination, potential makeup of an Infrastructure Bank Board has intrigue

(The Center Square) – North Carolina’s State Infrastructure Bank...

ICE arrests nearly 800 in Miami operation

(The Center Square) – U.S. Customs and Immigration Enforcement...

Republican, unaffiliated blocs faring best in voter registration maintenance

(The Center Square) – Net reduction in North Carolina...

More like this
Related

Trump Points Finger at Obama Over Ukraine Crisis

(AURN News) — President Donald Trump returned to U.S....

Milwaukee judge awaits May pre-trial hearing, faces 5 years of prison

(The Center Square) – Milwaukee County Judge Hannah Dugan...

WA lawmakers mourn a pair of deaths as session ends

(The Center Square) – Washington state lawmakers found themselves...

Virginia Rep. Gerry Connolly won’t be seeking reelection, citing health

(The Center Square) – Virginia Democratic Rep. Gerry Connolly...