What will it take to break the uncertainty? People returning to work.
CARSON CITY, Nev., Sept. 14, 2021—From Randi Thompson, Nevada state director for NFIB, which released its monthly Small Business Economic Trends report today showing only a negligible improvement in optimism.
“Once again, we are seeing record numbers of small businesses report job openings that could not be filled. Now that the extra federal employment benefits have expired, and the COVID vaccination numbers and recoveries continue to improve, I’m hopeful people will see that they can safely return to work and be a part of Nevada’s economic recovery.”
For Thompson, the things that stood out in today’s SBET were 48-year highs in both unfilled job openings and increased compensation, countered by drops in the percentage of small-business owners expecting the economy to improve and ‘now a good time to expand’ categories.
“A lot will depend on what Congress does,” she said. “Proposals such as impairing independent contracting through the PRO Act, reducing or eliminating the Small Business Deduction on federal taxes, and repealing the stepped-up-basis on estate taxes are threatening to kill any hope for a small-business recovery, without which there can be no national recovery.” More about NFIB’s Small Business Survival campaign here.
From NFIB Chief Economist Bill Dunkelberg
“As the economy moves into the fourth quarter, small business owners are losing confidence in the strength of future business conditions. The biggest problems facing small employers right now is finding enough labor to meet their demand and for many, managing supply chain disruptions.”
More comment is available on Page 3 of the NFIB Small Business Economic Trends report.
About the Small Business Economic Trends (SBET) report
The NFIB Research Center has collected Small Business Economic Trends data with quarterly surveys since the 4th quarter of 1973 and monthly surveys since 1986. Survey respondents are drawn from a random sample of NFIB’s membership. The report is released on the second Tuesday of each month. Today’s survey was conducted in August 2021.
The SBET’s primary value is anticipating short-run fluctuations in economic activity. An additional value of the SBET is its measurement of small business activities and concerns over time. The benefit of a longitudinal data set offers an invaluable perspective on how policies and business cycles impact small businesses over time. The SBET is one of the few archival data sets on small business, particularly when research questions address business operations rather than opinions. Today, it’s the largest, longest-running data set on small business economic conditions available.
Keep up with the latest Nevada small-business news at www.nfib.com/nevada, where this news release can also be found, or by following NFIB on Twitter @NFIB_NV.
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 our 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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