TONE DEAF: ALL TEN COMPONENTS OF NFIB SMALL BUSINESS OPTIMISM INDEX WEAKENED AS PROTESTORS DEMAND MORE REGULATION

Date: April 14, 2015

TONE DEAF: ALL TEN COMPONENTS OF NFIB SMALL BUSINESS OPTIMISM INDEX WEAKENED AS PROTESTORS DEMAND MORE REGULATION

BOSTON (April 14, 2015) – As protestors descend on the State House today demanding higher costs, stricter regulations and additional governmental scrutiny for small businesses in Massachusetts, the National Federation of Independent Business (NFIB) Small Business Optimism Survey has been released spelling bad news for both job makers and job seekers nationally. The index for March fell 2.8 points to 95.2, the lowest reading since June of last year. 

“Today’s findings show nationally what we still see, particularly in large areas of Massachusetts outside metropolitan Boston. Small business owners are uncertain and less than enthusiastic when it comes to making the decision to expand their businesses,” NFIB/Massachusetts Director Bill Vernon said. “The business climate which in Massachusetts includes high taxes, regulatory burdens, the highest health care costs in the nation, and payroll costs including new mandated sick leave and parental leave laws, higher minimum wages, and mandated time and a half pay on Sunday for certain retailers, leaves small business owners worried about their futures. Concerns about the imposition of future additional costs in the future distract them from hiring new employees, investing in their infrastructure, and growing their businesses.” 

The Optimism Index features 10 components. Last month all 10 components fell – a rare occurrence contributing to a 31 point decline in net positive responses. While the first quarter of 2015 had solid job creation numbers, the survey’s responses regarding business plans suggest a weaker job market for the second quarter of the year. Consumer spending, due to the weather, also decreased and saving rates have increased from a lack of optimism in the economy. 

“Until the small business community statewide is convinced that the economy is strengthening and government regulations are reduced, our state can only improve slowly,” Vernon continued. “Lawmakers in Massachusetts can best incentivize economic growth and job creation by staying out of the day to day operations of small, private, businesses. That will only happen if they stop listening to the noise and rhetoric coming from union backed protests and start paying attention to markers like the optimism index that should have everyone worried.” 

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