Meanwhile, plans to expand the business declined to a net 5% in September after registering at 6% for three consecutive months and also at 6% in September last year. Plans to make capital outlays held steady at 24% in September the latest result was the same as in September 2022 but down from a high of 31% in October 2021. Although the latest reading indicated continued pessimism, it was up from a low of -29% in July 2022. Expected real sales were up slightly to a net -13% in September from -14% in August but down from -10% in September 2022. The net balance of respondents expecting the economy to improve decreased six points to -43% in September, the lowest level since May, on top of a seven-point drop to -37% in August, but it was up from -44% in September 2022 and a record-low -61% in June 2022. The outlook for business conditions in the next six months worsened and remained deeply negative in the latest survey. The NFIB Small Business Uncertainty Index increased to 79 in September, up for the third time in four months, after a three-point decline to 77 in August it was up from 72 in September last year. Five of the 10 index components rose, four fell, and one was unchanged. The index, while up from a low of 89.0 in April, had been below the 49-year average of 98 for the 21st straight month it was also down from 92.1 in September 2022 and a high of 102.5 in June 2021. Opinions or views expressed in these articles do not necessarily represent those of FEA.The NFIB Small Business Optimism Index fell to 90.8 in September, the lowest level since May, from 91.3 in August, according to the September 2023 Small Business Economic Trends survey conducted by the National Federation of Independent Business. Inflation and the worker shortage continue to be the biggest obstacles for Main Street.”įEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. “With small business owners’ views about future growth and business conditions discouraging, owners want to hire and make money now from strong consumer spending. Forty percent of owners reported job openings that were hard to fill, down two points from July but remaining historically high.Īdding additional background and analysis to the release of the August SBOI, NFIB Chief Economist Bill Dunkelberg said:. The net percentage of owners who expect real estate sales to be higher decreased two points from July to a net negative 14%.That is 24 percentage points better than last June’s reading of a net negative 61% but still at recession levels. Small business owners expecting better business conditions over the next six months fell 7 points from July to a net negative 37%.Other highlights of the SBOI include the following: The net percentage of owners raising their average selling prices increased two points to a net 27% (seasonally adjusted), still at an inflationary level. In August, 23% of small business owners reported that inflation was their single most important business problem, up two points from July. The last time the Index was at or above the average was December 2021. According to the report, the SBOI declined 0.6 points to a reading of 91.3 in August-the twentieth consecutive month below the 49-year average reading of 98. The National Federation of Independent Business (NFIB), one of the largest small business associations in the US, reported on Tuesday (9-12-23) its Small Business Optimism Index (SBOI) for August. Prices Rising Slightly on Main Street as Inflation Remains a Top Business Problem
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