Inflation, inability to find workers still taking heavy toll on small businesses
FOR IMMEDIATE RELEASE
Contact: Tray Abney, Nevada State Director, [email protected]
or Tony Malandra, Senior Media Manager, [email protected]
CARSON CITY, Nev., Feb. 13, 2024—January marked the 25th consecutive month the nation’s leading small business economic barometer was below its 50-year average, according to the latest Small Business Economic Trends (SBET) report released today by the National Federation of Independent Business (NFIB).
“Small business job creators continue to be discouraged about the ability to afford the necessary goods they need to operate and by the ability to find and keep qualified employees,” said Tray Abney, Nevada state director for NFIB. “As the election season ramps up across Nevada and across the nation, we would urge every candidate for public office to keep these concerns in mind as they seek to impose their wisdom upon us.”
From NFIB Chief Economist Bill Dunkelberg
“Small business owners continue to make appropriate business adjustments in response to the ongoing economic challenges they’re facing. In January, optimism among small business owners dropped as inflation remains a key obstacle on Main Street.”
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
- The frequency of reports of positive profit trends was a net negative 30%, five points worse than in December and a very poor reading.
- Twenty percent of owners reported that inflation was their single most important problem in operating their business, down three points from last month and one point behind labor quality as the top problem.
- Small business owners’ plans to fill open positions softened, with a seasonally adjusted net 14% planning to create new jobs in the next three months, down two points from December and the lowest level since May 2020.
- Thirty-nine percent (seasonally adjusted) of all owners reported job openings they could not fill in the current period, down one point from December and the lowest reading since January 2021.
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.
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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
