(The Center Square) – Small business optimism continues to tumble, but signs also show uncertainty is also falling, according to a new report.
Following September’s dip, the National Federation of Independent Business’ Small Business Optimism Index fell again in October, dropping 0.6 points to 98.2.
The number remains slightly above the organization’s 52-year average of 98.
At the same time, the group’s Uncertainty Index fell 12 points from September to 88, the lowest reading for the year. September’s uncertainty number was the fourth highest in more than 50 years.
In September, the index dropped for the first time in three months.
While state-specific information is not available, NFIB Ohio State Director Jarred Weiser called the news mixed.
“While optimism among the nation’s small businesses dipped in October, it’s a positive sign that owners are feeling less uncertain about the future of their businesses,” Weiser said in a statement. “Labor quality remains the top challenge for small employers, and we’re grateful the Ohio Legislature continues to prioritize easing this burden for Main Street.”
The labor market remains one of the top issues for business owners, with 32% reporting that they cannot fill current openings. The last time unfilled job openings reached 32% was in December 2020.
Also, sales are taking a dip as 13% of owners reported higher sales in the last three months, 6 points lower than September, and positive profit trends fell 9 points from September.
