Latest NFIB Small Business Economic Trends (SBET) report found highest reading since 1979
DENVER, Dec. 14, 2021—Not for 42 years has one component of NFIB’s Small Business Economic Trends (SBET) report, released today, seen such an increase. The net percentage of NFIB’s small-business-owning membership that reported raising selling prices jumped six points to a net 59%–the highest reading since October 1979.
Other key findings include:
- Owners expecting better business conditions over the next six months decreased one point to a net negative 38%, tied for the 48-year record low reading. This indicator has declined 18 points over the past four months to its lowest reading since November 2012.
- Seasonally adjusted, a net 54% of owners plan price hikes, up three points from October and a 48-year record high reading.
- Forty-eight percent of owners reported job openings that could not be filled, a decrease of one point from October.
“As the end of the year nears, the outlook for business conditions is not encouraging to small business owners as lawmakers propose additional mandates and tax increases,” said NFIB Chief Economist Bill Dunkelberg. “Owners are also pessimistic as many continue managing challenges like rampant inflation and supply chain disruptions that are impacting their businesses right now.”
Here in Colorado, Tony Gagliardi, NFIB’s state director, said, “Small business owners are hoping for a glimmer of hope waiting for the Legislature to come into session in January. The Legislature will be asked to adopt Governor Polis’s plan for shoring up the Unemployment Trust Fund. This can be easily done by moving $500 million from the General Fund and adding an additional $100 million in funds received by Colorado under the American Recovery Plan Act. Currently the fund has a $1billion dollar deficit.”
Released on the second Tuesday of every month, the NFIB Research Foundation has collected Small Business Economic Trends data with quarterly surveys since 1974 and monthly surveys since 1986. Survey respondents are drawn from NFIB’s membership. Today’s survey was conducted in November.
Keep up with the latest Colorado small-business news at www.nfib.com/colorado or by following NFIB on Twitter @NFIB_CO or on Facebook @NFIB.CO
For 78 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
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