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Inflation, Labor Quality Continue To Plague Small Businesses
Inflation, Labor Quality Continue To Plague Small Businesses
August 14, 2024
Inflation, Labor Quality Continue To Plague Small Businesses
- Unchanged since 1986, the “Cost of Health Insurance” remains the number one chronic issue for small business owners.
- The “Cost of Supplies/Inventories” moved up in importance from ranking 12th in 2020 to its current second place ranking – a direct result of historic inflation over the last two years.
- “Interest Rates” topped the list by rising 43 positions from a rank of 56th in 2020 to 13th in 2024.
- Inflation remains the top issue among small business owners, with 25% reporting it as their single most important problem in operating their business, up four points from June.
- Thirty-eight percent (seasonally adjusted) of all owners reported job openings they could not fill in the current period, up one point from June.
- Seasonally adjusted, a net 33% reported raising compensation in July, down five points from June and the lowest reading since April 2021.

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