26% of US business owners report inflation topmost problem: NFIB

Of those hiring or trying to hire, 91 per cent of owners reported few or no qualified applicants for the positions they were trying to fill.

Owners expecting better business conditions over the next six months improved six points from December to a net negative 45 per cent, NFIB said in a release.

“While inflation is starting to ease for small businesses, owners remain cynical about future business conditions,” said NFIB chief economist Bill Dunkelberg.

“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,” he said.

Forty-five per cent of owners reported job openings that were hard to fill, up four points from December, remaining historically very high.

The net per cent of owners raising average selling prices decreased one point to a net 42 per cent seasonally adjusted, too high for 2 per cent target.

The net per cent of owners who expect real sales to be higher worsened four points from December to a net negative 14 per cent.

Fifty-nine per cent of owners reported capital outlays in the last six months, up by four points from December, a positive development.

Of those making expenditures, 42 per cent reported spending on new equipment, 24 per cent acquired vehicles and 11 per cent spent money for new fixtures and furniture.

Fourteen per cent improved or expanded facilities and 8 per cent acquired new buildings or land for expansion. Twenty-one per cent of owners plan capital outlays in the next few months.

The net per cent of owners reporting inventory increases rose by six points to a net 6 per cent.

ALCHEMPro News Desk (DS)