The current release of NFIB’s monthly Small Business Economic Trends (SBET) report is the 50th anniversary issue, but it is not finding small-business owners in a mood for celebration.
“This month marks the 50th anniversary of NFIB’s small-business economic survey,” said NFIB Chief Economist Bill Dunkelberg. “The October data shows that small businesses are still recovering and owners are not optimistic about better business conditions. Small-business owners are not growing their inventories as labor and energy costs are not falling, making it a gloomy outlook for the remainder of the year.”
Added Casey Hill, Utah state director for NFIB, “The economy in Utah is almost always better than what we see happening nationally due to our small-business-friendly Legislature and the job-creating state policies they have supported over the years. Their efforts have helped cushion Utah from some of the negatives we are seeing in other parts of the nation. It would be an immense help if Congress followed Utah’s lead, and there’s no better place to start than by making the Small Business Deduction permanent and not allowing it to expire in 2025.”
Key findings from the SBET include:
- Twenty-two percent of owners reported that inflation was their single most important problem in operating their business, down one point from last month.
- Owners expecting better business conditions over the next six months was unchanged from September at a net negative 43 percent (seasonally adjusted).
- Forty-three percent (seasonally adjusted) of owners reported job openings that were hard to fill, unchanged from September and remaining historically very high.
- Seasonally adjusted, a net 24 percent plan to raise compensation in the next three months, up one point from September.
The current SBET and other Utah small-business news can be found at www.nfib.com/utah or on X, formerly Twitter, at @nfib_ut.