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Small business in America: 'Overall mood is fairly pessimistic'

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Small Business News

Optimism,Inflation,Earnings

Small business optimism took a hit last month, with owners seeing lower earnings and growing less confident about the short-term future.

FILE - Kymme Williams-Davis, right, takes an order at the Bushwick Grind Café she owns, while barista Derek Deyling creates a beverage, Thursday Sept. 8, 2022, in New York.

“The overall mood is fairly pessimistic,” NFIB Executive Director of Research Holly Wade said Wednesday. The main way they account for the higher costs is by increasing prices, but Wade said small businesses are wary of driving away customers who themselves are suffering from “inflation fatigue.”Retaining current employees is a significant challenge for businesses, Wade said.

Many small business owners aren’t trying to expand, but they need to find workers to backfill losses, Wade said.

 

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