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Small Businesses: Difference between revisions
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=== May 2023 === | === May 2023 === | ||
https://strgnfibcom.blob.core.windows.net/nfibcom/SBET-May-2023.pdf | The Optimism Index increased 0.4 points in May to 89.4. This is the 17th consecutive month below the 49-year average of 98. The last time the Index was at or above the average was December 2021. Of the 10 index components, 4 increased, 5 decreased, and 1 was unchanged.<ref>https://strgnfibcom.blob.core.windows.net/nfibcom/SBET-May-2023.pdf</ref> | ||
"Overall, small business owners are clearly in a recession mood, expressing great concern for future business conditions. But until customers stop coming in, owners (especially in services) will continue to try to hire workers, increasing compensation to attract applicants and retain their current workforce." | |||
* 25% of small business owners reported that inflation was their single biggest problem (up 2 points from April). | |||
* '''32% of small businesses raised their prices (down 1 point from April).''' | |||
* -8% of small business owners reported higher sales in the past 3-months (1 point better than April) and the '''percentage expecting higher sales dropped 3 points to -21%.''' | |||
* -50% of business owners are expecting better overall business conditions (1 point worse than April and 11 percentage points better than a year ago). | |||
* 57% of small business owners reported capital outlays in the last 6-months (up 1 point from April) and '''25% are planning capital purchases in the next 3-months (up 6 points from April)''', a very positive move but historically low. | |||
* 44% of small business owners report job openings they cannot fill (down 1 point from April) and '''19% plan on hiring in the next 3-months (up 2 points from April).''' The difficulty in filling open positions is particularly acute in the construction, transportation, and manufacturing sectors where compensation gains are more frequently reported. Openings are lowest in the agriculture and finance sectors. | |||
* 41% of small businesses raised compensation (up 1 point from April) and '''22% plan on raising compensation in the next 3-months (up 1 point from April).''' | |||
* Overall, '''63 percent reported hiring or trying to hire in May, up 3 points from April'''. Fifty-five percent (89 percent of those hiring or trying to hire) of owners reported few or no qualified applicants for the positions they were trying to fill (unchanged). | |||
* 27% of small business owners reported all their credits needs are met (down 3 points from April). 63% said they were not interested in a loan (up 4 points) and 1% of small business owners reported that their borrowing needs were not satisfied (down 1 point from April). | |||
* '''Four percent reported that financing was their top business problem (unchanged)'''. A net 24 percent of owners reported paying a higher rate on their most recent loan, down 2 points from April. The average rate paid on short maturity loans was 7.8 percent, 0.7 percentage points below April’s reading | |||
* '''Twenty-nine percent of all owners reported borrowing on a regular basis (down 2 points).''' | |||
== ADP Employment == | == ADP Employment == | ||