Nine per cent cited labour costs as their top business problem.
“Optimism is not improving on Main Street as more owners struggle with finding qualified workers for their open positions,” said NFIB chief economist Bill Dunkelberg in a release. “Inflation remains a top concern for small businesses but is showing signs of easing,” he said.
The frequency of reports of positive profit trends was a net negative 23 per cent, five points worse than the March figure.
A net negative 5 per cent of owners viewed current inventory stocks as ‘too low’ in April, down six points from March. This suggests stocks are now too large relative to expected sales.
The net per cent of owners who expect real sales to be higher deteriorated four points from March to a net negative 19 per cent.
Fifty-six per cent of owners reported capital outlays in the last six months, down one point from March.
Nineteen per cent of owners plan capital outlays in the next few months, down one point from March and historically very weak.
The frequency of reports of positive profit trends was a net negative 23 per cent, five points worse than in March.
Among the owners reporting lower profits, 29 per cent blamed weaker sales, 20 per cent blamed the rise in the cost of materials, 13 per cent cited the usual seasonal change, 10 per cent cited labour costs, 9 per cent cited lower prices and 4 per cent cited higher taxes or regulatory costs.
For owners reporting higher profits, 51 per cent credited sales volumes, 16 per cent cited higher prices, 15 per cent cited usual seasonal change and 4 per cent cited lower labour costs.
ALCHEMPro News Desk (DS)
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