Beehive State News

This week, the National Federation of Independent Business (NFIB) released its 50th anniversary issue of the Small Business Economic Trends (SBET) report. However, the findings indicate that small business owners are not optimistic about future conditions.

Bill Dunkelberg, NFIB Chief Economist, stated, "The October data shows that small businesses are still recovering, and owners are not optimistic about better business conditions." He noted that high labor and energy costs have deterred inventory growth among small businesses.

Casey Hill, Utah State Director for NFIB, commented on Utah's economic situation: "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." Hill suggested Congress could benefit from following Utah's lead by making the Small Business Deduction permanent.

Key points from this week's SBET include:

- Twenty-two percent of owners identified inflation as their primary concern.

- Expectations for improved business conditions remained at a net negative 43%.

- Forty-three percent reported difficulty filling job openings.

- A net 24% plan to increase compensation in the coming months.

According to a historical overview of SBET's significance: "Today, in the full maturity of its 50 years... it's regarded as the bellwether on the health and welfare of Main Street enterprises."

For nearly eight decades, NFIB has represented America's small and independent businesses. More information can be found at nfib.com.