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Inflation is putting increased pressure on the economy. / IMAGE: Democracy Now via YouTube ( Headline USA ) As inflation surpasses 40-year highs, 72% of small businesses surveyed are increasing prices to keep their doors open, according to the latest Small Business Optimism Index.
It’s the greatest percentage ever recorded in the survey’s history, which the National Federation of Independent Business’s (NFIB) has conducted every year since 1973, The Center Square reported .
Slightly more than one-third surveyed, 35%, said they’ve reported lower profits due to increased costs of materials; 40% said supply chain disruptions have significantly impacted their business.
“Thirty-one percent of owners reported that inflation was the single most important problem in their business, up five points from February and the highest reading since the first quarter of 1981,” the report states. “Inflation has now replaced ‘labor quality’ as the number one problem.”
NFIB Chief Economist Bill Dunkelberg said of the findings, “With inflation, an ongoing staffing shortage, and supply chain disruptions, small business owners remain pessimistic about their future business conditions.”
Small businesses increasing prices the most were in wholesale (84% higher), construction (83% higher), agriculture (78% higher), and retail sales (77% higher). Seasonally adjusted, a net 50% of small business owners said they were increasing prices.
According to the survey, less than half of small business owners surveyed, 49%, said they expect better business conditions over the next six months, the lowest level recorded in the survey’s history.
In February 2021, the Bureau of Labor Statistics reported that over the previous 12 months, non-seasonally adjusted inflation was 1.4%. By March 2022, inflation reached a 40-year high of 8.5%, the largest 12-month increase since the period ending December 1981, BLS reported.As prices soar, real average hourly earnings decreased by 2.4% from March 2021 to March 2022, BLS reported.In his message to Congress in […]
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