Inflation chart/PHOTO: geralt (Pixabay) Nearly half of American small business owners say they are at risk of closing down this fall, according to new survey data, The Center Square reported .
The small business network Alignable released the survey , which found that “47% of small business owners … say their businesses are at risk of closing by fall 2022, unless economic conditions improve significantly.”
“That’s up 12 percentage points from last summer, when only 35% were concerned about economic issues forcing them to shut down,” Alignable said. “And SMBs in key industries face even bigger problems: 59% of retailers are at risk, along with 52% in construction, 51% in the automotive sector, and 50% of restaurant owners.”
Those tough economic conditions include soaring inflation. The U.S. Bureau of Labor Statistics released inflation data last week showing consumer prices rose 9.1% in the previous 12 months, the highest in more than four decades, and the BLS Producer Price Index rose 11.3%, nearly the highest ever recorded.
Forced pandemic-era economic shutdowns also crushed many businesses that have yet to bounce back.
“Supporting these unfortunate trends, the total percentage of SMBs reporting that they’ve fully recovered has dropped 7 percentage points since last summer,” Alignable said. “In the Summer of ’21, 33% were fully recovered. But now, that number has declined to a new low: just 26%.”
Prices also hit record highs for regular and diesel gas in June before dipping back down. The current prices, though, still remain much higher than the same time last year.
Amid the economic difficulties, some states are struggling more than others, with more business owners reporting they risk shutting down this fall.“Looking at different states and provinces, small businesses in CO (54%), MI (52%), OH (51%), PA (51%), and Texas (51%) are struggling the most,” Alignable said.Two other recent surveys have […]
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