NFIB survey finds U.S. small business owners concerned about inflation

Small businesses in the U.S. are facing challenges as they struggle with decreased sales and inflationary pressures, according to a report from the National Federation of Independent Businesses (NFIB). The sector’s sentiment index decreased to its lowest level since 2012, with business owners still experiencing the effects of the pandemic. NFIB’s chief economist noted that inflation and labor market issues are top concerns for small business owners.

The NFIB’s March 2024 survey collected data on economic trends within the small business sector. Sales fell significantly, contributing to the decline in the overall sentiment index. This has led to owners being cautious about creating new jobs, with only 11% of respondents planning to do so in the next three months. The tight labor market is forcing businesses to compete for employees and maintain their workforce.

In other news, Best Buy is reportedly laying off a portion of its tech support team, while McDonald’s and Chipotle may raise prices in response to California’s minimum wage hike. Express, a retail company, is also facing potential bankruptcy. These developments highlight the ongoing challenges faced by businesses in the current economic climate.

By Samantha Robertson

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