![]() ![]() Of those making expenditures, 37% reported spending on new equipment, 22% acquired vehicles, and 12% spent money for new fixtures and furniture. Ninety-three percent of those hiring or trying to hire reported few or no qualified applicants for the positions they were trying to fill.įifty-five percent of owners reported capital outlays in the last six months. Overall, 55% of owners reported hiring or trying to hire in December. The net percent of owners who expect real sales to be higher worsened two points from November to a net negative 10%.Īs reported in NFIB’s monthly jobs report, owners’ plans to add positions remain elevated, with a seasonally adjusted net 17% planning to create new jobs in the next three months.The net percent of owners raising average selling prices decreased eight points to a net 43% (seasonally adjusted), historically high.Forty-one percent of owners reported job openings that were hard to fill, down three points from November but historically very high.Inflation continues to drive up prices across the board, and Main Street businesses are still unable to find enough people to fill the positions that are available.” “Hiring plans fell to their lowest level since May 2020, but strong consumer spending has kept main street alive and supported strong labour demand.NFIB State Executive Director Roger Geiger said, “Small business owners want predictability, and right now, they do not have it. “Small business owners are cynical about future economic conditions,” said NFIB chief economist Bill Dunkelberg. Three per cent reported that financing was their top business problem.ĭespite these challenges, the small business owners remain resilient, with 59 per cent saying they are not interested in a loan, and a net 22 per cent planning to raise compensation in the next three months. While credit is still available, a net 9 per cent reported their last loan was harder to get than in previous attempts, up four points. Overall, the small business sector showed little strength from capital spending. For owners reporting higher profits, 48 per cent credited sales volumes and 21 per cent cited higher prices. Among owners reporting lower profits, 31 per cent blamed weaker sales, 23 per cent blamed the rise in the cost of materials, and 8 per cent cited labour costs. The frequency of positive profit trends was a net negative 18 per cent, five points better than in February. ![]() However, a seasonally adjusted net 15 per cent of owners are planning to create new jobs in the next three months.įifty-seven per cent of owners reported capital outlays in the next six months, down three points from February.Ī net negative 6 per cent of all owners (seasonally adjusted) reported higher nominal sales in the past three months, and a net negative 4 per cent of owners plan inventory investment in the coming months, up three points from February, according to the NFIB index. ![]() Small business owners expecting better business conditions over the next six months remained at a net negative 47 per cent. While 43 per cent of small business owners struggle to fill job openings, 24 per cent cited inflation as their biggest problem. Small business optimism in the US fell for the 15th consecutive month to 90.1 in March 2023, below the 49-year average of 98, due to challenges such as finding qualified job applicants, inflation and supply chain disruptions. ![]()
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