Difficulties filling job openings, supply-chain disruptions holding Main Street firms back
FOR IMMEDIATE RELEASE
Contact: Lindsey Riter-Rapp, South Dakota State Director, [email protected]
or Tony Malandra, Senior Media Manager, [email protected]
PIERRE, S.D., Aug. 10, 2021—From Lindsey Riter-Rapp, South Dakota state director for the National Federation of Independent Business (NFIB), on today’s release of the federation’s latest Small Business Optimism Index showing a nearly three-point drop from last month.
“It should come as no surprise that small business optimism is down given that our members are having historic struggles attracting new workers. If businesses cannot fill job vacancies, then it is impossible for them to grow and expand. Add to that, supply chain disruptions with inventory. It’s no wonder there is such uncertainty.”
From NFIB Chief Economist Bill Dunkelberg
“Small business owners are losing confidence in the strength of the economy and expect a slowdown in job creation. As owners look for qualified workers, they are also reporting that supply chain disruptions are having an impact on their businesses. Ultimately, owners could sell more if they could acquire more supplies and inventories from their supply chains.”
From NFIB’s National News Release
The Optimism Index decreased in July to 99.7, a decrease of 2.8 points, reversing June’s 2.9-point gain. Six of the 10 components declined, three improved, and one was unchanged. Other key findings include:
- Sales expectations over the next three months decreased 11 points to a net negative 4% of owners.
- Owners expecting better business conditions over the next six months decreased eight points to a net negative 20%.
- Earnings trends over the past three months decreased eight points to a net negative 13%.
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 July 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 South Dakota small business news at www.nfib.com/sd or by following NFIB on Twitter @NFIB_SD
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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.
NFIB South Dakota
Box 280
Pierre, S.D. 57501
615-224-7102
NFIB.com/SD
Twitter: @NFIB_SD
