New Survey: Small Business Owners Pessimistic About the Economy

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New Survey: Small Business Owners Pessimistic About the Economy
A survey conducted by the National Federation of Independent Business (NFIB) found that small business owners in the US are feeling pessimistic about the state of the economy. The survey asked owners about their expectations for business conditions over the next six months, and the majority responded negatively, citing concerns about inflation, supply chain disruptions, and labor shortages.

The Epoch Times reported:

Despite tighter credit conditions, 24 percent of small-business owners still said that inflation was the most important issue, followed by labor shortages, with 43 percent having difficulty filling job openings.

Price pressures appear to be easing, with only 37 percent of owners reported raising their selling prices in March, the lowest level since April 2021.

The amount of owners planning to raise prices over the next three months rose to 26 percent last month, down from 52 percent a year ago.

Meanwhile, only 18 percent of firms reported lower earnings in March compared to the year before, an improvement from 23 percent in February.

NFIB Chief Economist Bill Dunkelberg said that the survey results indicate a lack of confidence in the government's ability to handle economic challenges. The survey results highlight the ongoing impact of the COVID-19 pandemic on small businesses and suggest that the road to recovery may be longer than anticipated.

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