Nevada Comment on Latest Small Business Economic Report

February 14, 2023

Nevada Comment on Latest Small Business Economic Report

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., Feb. 14, 2023—As it does the second Tuesday of every month, the nation’s leading small business association released its latest findings on the health and vitality of the nation’s Main Street enterprises, and the picture remains a consistently bad one—a situation Nevada’s Legislature was urged today to help ameliorate not exacerbate. “The latest NFIB SBET report once again provides evidence that small business job-creators are still struggling to fill open positions and afford goods and services in this inflationary environment, and they are nervous about what the future holds,” said Tray Abney, Nevada state director for NFIB. “We applauded Governor Lombardo for laying out a pro-business agenda in his State of the State speech and we will continue to urge the Legislature to follow his lead and ensure that our members are not subject to more taxes, more fees, more regulations, and more lawsuits.” The National Federation of Independent Business’ (NFIB) Small Business Economic Trends report, also known as the Optimism Index, is a national snapshot not broken down by state. Although there is no standard definition of a small business, the typical NFIB member employs 10 people and reports gross sales of about $500,000 a year. The NFIB Research Center has collected Small Business Economic Trends Data with Quarterly surveys since 1973 and monthly surveys since 1986. The sample is drawn from the membership files of NFIB. Results from the monthly SBETs are considered the bellwether gauge of the nation’s small-business economy, used by the Federal Reserve, presidential administrations, Congress, and by governors and state legislatures across the country. From NFIB Chief Economist Bill Dunkelberg “While inflation is starting to ease for small businesses, owners remain cynical about future business conditions. Owners have a negative outlook on the small business economy but continue to try to fill open positions and return to a full staff to improve productivity.” Highlights from Today’s Report

Forty-five percent of owners reported job openings that were hard to fill, up four points from December, remaining historically very high.
The net percent of owners raising average selling prices decreased one point to a net 42% seasonally adjusted, too high for 2% target.
The net percent of owners who expect real sales to be higher worsened four points from December to a net negative 14%.

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 almost 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