NATIONAL SURVEY MIRRORS SMALL BUSINESS OWNER SENTIMENT IN NEW JERSEY
Trenton, NJ (November 10, 2015) – The NFIB Index of Small Business Optimism
was unchanged in October, posting no change after a rise of only 0.2 points in
September and a gain of only 0.5 in August.
“If we do not begin to see a resurgence of growth in the
great garden state we will no doubt slip back into a recession. The October
NFIB survey remains below the 42 year average of 98,”according to NFIB New
Jersey State Director, Laurie Ehlbeck. “Instead of investing in capital or
expanding existing businesses, small business owners are crippled by fear of
the unknown.”
According to NFIB Chief Economist William Dunkelberg, “Three
of the ten Indices fell during the month of October while five posted slight
gains and two were unchanged. All of the components added up to a change
of 0 percentage points. The reading of 96.1 is consistent with the
predicted economic growth of between 2 percent and 2.5 percent. Inflation
received no support on Main Street, with a net 2 percent of owners raising
their selling prices for the second month in a row. Owners continued
reporting that their labor compensation prices were expanding rapidly, which
puts pressure on profits and depresses discretionary spending plans.
Investments in equipment or expansion that does not produce additional profits
remain unattractive to small business owners.”
“Thanks to President Obama’s crippling policies, many that
were introduced via executive order without even the consent of Congress, small
business is economically stagnant. Between the rising costs of healthcare and
what appear to be impending tax increases in New Jersey, the flood of
capital-devouring regulations are dim.” Continued Ehlbeck, “Adding insult to
injury, we have heard little conversation at the debates about how the 2016
Presidential hopefuls will help small business owners should they be elected.
This is certainly adding to the uncertainty and unhappiness surrounding
economic policy. Our members will be looking forward to the FOX Business
debate and will be listening closely.”
The October survey was based on a random sample of 1411 NFIB
members.
