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The National Federation of Independent Business (NFIB) this week released its latest Small Business Optimism Index. According to the findings, inflation remains the No. 1 problem for small business owners.

Optimism in April was 89.7, a rise of 1.2 points and the first increase of the year. Additionally, it marked the 28th straight month below the 50-year average of 98.

Some key findings in the survey include:

• 22% of owners reported inflation as their most important problem, down 3 points from March
• 19% said labor quality was their top problem; 11% cited labor costs
• The net percent of owners who expect real sales to be higher rose 6 points in April to a net negative 12% (seasonally adjusted)
• 12% of owners plan to create new jobs in the next three months
• 40% reported job openings they could not fill in the current period, up 3 points from March (the lowest reading since January 2021)
• 56% reported capital outlays in the last six months
• 56% reported hiring or trying to hire in April –
  • Of those, 91% of owners reported few or no qualified applicants for the positions they were trying to fill

“Cost pressures remain the top issue for small business owners,” said Eileen Kean, NFIB State Director in New Jersey. “Small business owners remain historically very pessimistic as they continue to navigate the challenges of inflation and hiring and are dealing with a rising level of uncertainty.”

The full report is available here.

ICYMI

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• NJ job numbers dip, unemployment inches down in April