August 14, 2024
The July Small Business Economic Trends survey found that 25% of small business owners cited inflation as their top concern – a 4-point increase from the June survey.
Inflation Continues to Plague Small Business Owners
What it means: Although optimism among small business owners continued to improve in July, inflation remains the top concern for small business owners.
Our take: The future remains uncertain for small business owners as they face numerous cost pressures, including labor costs.
The NFIB Small Business Economic Trends (SBET) July report revealed that even with the Optimism Index increasing to 93.7, the highest point since February 2022, small business owners remain uncertain about future conditions.
Labor remains an issue. The cost of labor adds to the cost pressures impacting the bottom line of many small business owners. Eighty-six percent of small business owners couldn’t find enough skilled workers to fill positions in July, and 38% reported having a job opening they could not fill, up one point from June.
The full Small Business Economic Trends report and NFIB Jobs Report are available for further analysis.
Share how inflation pressures are impacting your small business.
Get to know NFIB
NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.
Related Articles
Related
June 11, 2026
NFIB Members Bring Small Business Agenda Directly to Washington Policymakers
Small business owners met with Administration and Congressional leaders during 2026 NFIB Fly-In
Read More
Related
June 11, 2026
NFIB Florida Executive Director Reacts to May’s Small Business Optimism Index
Main Street pulls back on hiring.
Read More
Related
June 10, 2026
NFIB West Virginia State Director Reacts to May’s Small Business Optimism Index
Main Street pulls back on hiring.
Read More
Related
June 10, 2026
NFIB Pennsylvania State Director Reacts to May’s Small Business Optimism Index
Main Street pulls back on hiring.
Read More