Inflation Still Small Business Owners’ Biggest Worry

May 14, 2024

Inflation Still Small Business Owners' Biggest Worry

FOR IMMEDIATE RELEASE Contact: Tony Gagliardi, Wyoming State Director, 303-325-6243, Tony.Gagliardi@nfib.org or Tony Malandra, Senior Media Manager, 415-640-5156, Anthony.Malandra@nfib.org CHEYENNE, Wyo., May 14, 2024—Inflation continued its hold on the top spot of worries among small business owners, according to the latest Small Business Economic Trends report (aka the Optimism Index) released today by the National Federation of Independent Business (NFIB). The monthly measurement also found the problem of labor quality just behind it. But the Wyoming state director for NFIB said there’s a bigger clear-and-present danger many Wyoming small businesses are facing, and “New rules from the Environmental Protection Agency pose a bigger threat to Wyoming than any other issue,” said Tony Gagliardi, Wyoming state director for NFIB. “Small businesses wholeheartedly support Gov. Mark Gordon’s two lawsuits charging the EPA with exceeding its authority. “Although the issues contained in our monthly reports are vitally important, they do take a back seat to the wholesale economic destruction planned for our state by Washington, D.C.” 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 Wyoming small-business news at www.nfib.com/WY and on Twitter @NFIB_WY ### 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 its 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 Wyoming P.O. Box 1890 Cheyenne, WY 82009 866-639-1846 NFIB.com/WY Twitter: @NFIB_WY