NATIONAL SURVEY MIRRORS SMALL BUSINESS OWNER SENTIMENT IN CONNECTICUT
HARTFORD (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 Connecticut we will no doubt slip back into a recession. The October NFIB survey remains below the 42 year average of 98,”according to NFIB Connecticut State Director, Andrew Markowski. “Instead of investing in capital or expanding existing businesses, small business owners are crippled by fear of the unknown thanks to our state lawmakers inability to agree on even the most basic economic decisions.”
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 our state debt that seems to exponentially grow month to month, the flood of capital-devouring regulations is overwhelming.” Continued Markowski, “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.