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Small Businesses: Difference between revisions
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== NFIB Survey == | == NFIB Survey == | ||
[[File:Screenshot 2023- | [[File:Screenshot 2023-08-08 090943.png|alt=|center|thumb|546x546px|https://strgnfibcom.blob.core.windows.net/nfibcom/SBET-July-2023.pdf]] | ||
=== July 2023 === | |||
The NFIB Small Business Optimism Index increased 0.9 of a point in July to 91.9, marking the 19th consecutive month below the 49-year average of 98. <ref>https://strgnfibcom.blob.core.windows.net/nfibcom/SBET-July-2023.pdf</ref> | |||
“With small business owners’ views about future sales growth and business conditions dismal, owners want to hire and make money now from solid consumer spending,” said NFIB Chief Economist Bill Dunkelberg. “Inflation has eased slightly on Main Street, but difficulty hiring remains a top business concern.” | |||
Insights: | |||
* Owners '''expecting better business conditions over the next six months improved 10 points from June to a net negative 30%''', 31 percentage points better than last June’s reading of a net negative 61%. This is the highest reading since August 2021 but historically very negative. | |||
* Forty-two percent of owners reported '''job openings that were hard to fill, unchanged from June''' but remaining historically very high. | |||
* The net percent of owners '''raising average selling prices decreased four points to a net 25% seasonally adjusted, still a very inflationary level but trending down.''' This is the lowest reading since January 2021. | |||
* The net percent of owners who '''expect real sales to be higher improved two points from June to a net negative 12%, a very pessimistic perspective.''' A net negative 13 percent of all owners (seasonally adjusted) reported higher nominal sales in the past three months, down 3 points from June. | |||
* The frequency of '''reports of positive profit trends was a net negative 30%, down six points from June.''' Among owners reporting lower profits, 30% blamed weaker sales, 19% blamed the rise in the cost of materials, 18% cited labor costs, 9% cited lower prices, 5% cited usual seasonal change, and 4% cited higher taxes or regulatory costs. For owners reporting higher profits, 44% credited sales volumes, 34% cited usual seasonal change, and 9% cited higher selling prices. | |||
* '''Fifty-five percent of owners reported capital outlays in the last six months, up two points from June'''. Of those making expenditures, 38% reported spending on new equipment, 22% acquired vehicles, and 15% improved or expanded facilities. | |||
* Seasonally adjusted, a net 38 percent reported raising compensation, up 2 points from June. A n'''et 21 percent plan to raise compensation in the next three months''', down 1 point from June. | |||
=== June 2023 === | === June 2023 === | ||