Inflation Continues to Dog Main Street Enterprises

May 14, 2024

Inflation Continues to Dog Main Street Enterprises

FOR IMMEDIATE RELEASE Contact: Tray Abney, Nevada State Director, tray@abneytauchen.com or Tony Malandra, Senior Media Manager, anthony.malandra@nfib.org CARSON CITY, Nev., May 14, 2024—Release today of the latest Small Business Economic Trends report (aka the Optimism Index) by the nation’s leading small-business association showed inflation holding on to its first-place rank among the concerns of Main Street entrepreneurs. “While it’s a positive sign that small business optimism ticked up slightly in April, the overall report still registered a 28th consecutive month below its 50-year average,” said Tray Abney, Nevada state director for the National Federation of Independent Business (NFIB), which published the monthly report on the health of the Main Street economy. “Everything is still too expensive; Wall Street banks are gouging us with credit card fees; and we cannot find any qualified workers to fill our open positions,” said Abney. “Hopefully, as politicians begin to knock on doors and ask for votes, their platforms will include fighting for small business owners.” From NFIB Chief Economist Bill Dunkelberg “Cost pressures remain the top issue for small business owners, including historically high levels of owners raising compensation to keep and attract employees. Overall, small business owners remain historically very pessimistic as they continue to navigate these challenges. Owners are dealing with a rising level of uncertainty but will continue to do what they do best – serve their customers.” NFIB’s monthly Small Business Economic Trends (SBET) report is the gold standard measurement of America’s small business economy. Used by the Federal Reserve, Congressional leaders, administration officials, and state legislatures across the nation, it’s regarded as the bellwether on the health and welfare of the Main Street enterprises that employ half of all workers, generate more net new jobs than large corporations, and gave most of us the first start in our working life. The SBET (Optimism Index) is a national snapshot of NFIB-member, small-business owners not broken down by state. The typical NFIB member employs 10 people and reports gross sales of about $500,000 a year. Highlights from Today’s Report

Twenty-two percent of owners reported that inflation was their single most important problem in their business, down three points from March but still the number one problem for small business owners.
A net 26% (seasonally adjusted) of owners plan price hikes in April, down seven points and the lowest reading since April of last year.
Forty percent (seasonally adjusted) of all owners reported job openings they could not fill in the current period, up three points from March, which was the lowest reading since January 2021.
The net percent of owners raising average selling prices fell three points from March to a net 25% seasonally adjusted.

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 80 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. NFIB Nevada Abney Tauchen Group 775-443-5561 Reno, NV NFIB.com/NV Twitter: @NFIB_NV