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Small Business Confidence Drops to 11-Month Low in January

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Young woman carrying heavy boxes full of financial debt walking along gray wall background

US small business sentiment fell to an 11-month low in January amidst continued worker shortages and higher prices for raw materials.

Source: NFIB

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The National Federation of Independent Business stated that its Small Business Optimism Index fell 1.8 points to 97.1 the previous month, the lowest level since February 2021.

Shortage of workers and increased labor costs remain some of the major concerns facing businesses.

The NFIB survey indicated that 50% of the 1,504 small businesses that took part in the poll reported increasing compensation. That was the highest level in 48 years and expanded 2 points from December.

Nearly 27% of small businesses stated that they targeted to increase compensation in the next three months, 5 points lower from December.

Eleven percent stated that labor costs were their major business challenge, down 2 points from December’s 48-year record high level. Around 23% complained about the quality of labor.

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