(THE CENTER SQUARE) – Ohio small businesses are more optimistic in the midst of the holiday shopping season but not nearly as hopeful as in past years.
The National Federation of Independent Business’ Small Business Optimism Index rose slightly in November to 91.6 but remained well below the 49-year average of 98 for the 11th consecutive month.
“Our small business members are frustrated,” NFIB Ohio Executive Director Roger Geiger said. “Fuel costs are down substantially from the record highs we were paying this summer, so that’s helped ease some of the financial pressure on small businesses, but inflation and supply chain disruptions are still issues, and that’s affecting costs across the board, from manufacturing to distribution to retail.”
Nationally, the survey says owners expecting better business conditions over the next six months rose 3 points in October, and 44% of owners reported job openings that were hard to fill. That is down 2 points from October, but still high and not typical during a recession period, according to NFIB.
Owners planning on raising prices also rose 1 point, high according to NFIB but lower than earlier this year. The net percent of owners who expect real sales to be higher improved 5 points from October.
“Going into the holiday season, small business owners are seeing a slight ease in inflation pressures, but prices remain high,” said Bill Dunkelberg, NFIB chief economist. “The small business economy is recovering as owners manage an ongoing labor shortage, supply chain disruptions, and historic inflation.”
Overall, 32% of small-business owners reported inflation as their top problem. That number is 5 points lower than July’s highest reading.
At the same time, the NFIB’s monthly jobs report showed 44% of all owners reported job openings they could not fill in the current period.
