SALT LAKE CITY, Utah—The National Federation of Independent Business (NFIB) released its monthly Small Business Optimism Index, revealing a slight decline in June. The index edged down 0.2 points to 98.6, remaining slightly above the long-term average of 98.
Casey Hill, NFIB Utah State Director, commented on the recent legislative changes affecting small businesses: “What happened on July 4 cannot be overstated. By making the Small Business Deduction permanent and preventing it from expiring at the end of this year, Congress and the president put 33 million small business owners out of harm’s way from tax increases and gave them the green light to do what they do best, create jobs and build our economy. I want to thank Utah’s congressional delegation for their support in making this happen. I also want to thank, again, our State Legislature for leading the way in showing the surest road to prosperity is having the right policies.”
Bill Dunkelberg, NFIB Chief Economist, noted that while optimism remained steady in June, “uncertainty fell.” He added that taxes continue to be a significant concern for small businesses alongside issues related to labor quality and costs.
The report highlighted several key findings:
– A net 22% of owners expect better business conditions moving forward.
– Expectations for higher real sales volumes dropped by three points from May.
– Labor quality remains a primary concern for 16% of small business owners.
– Inflation concerns have decreased with only 11% citing it as their main issue.
For further updates on Utah’s small business news or more information about NFIB’s advocacy efforts nationwide, visit www.nfib.com or follow @nfib_ut on X.
