‘Every time you turn around, there’s a new price increase’: US small-business optimism plummets
Summary
Small-business owners in the US are feeling less confident due to rising fuel prices, inflation, and higher costs. Many are struggling to fill job openings, manage expenses, and keep customers as prices increase and the economy stays uncertain.Key Facts
- The Small Business Optimism Index dropped to 95.3 in May, showing less confidence among small-business owners.
- Nearly 30% of small businesses have open jobs they cannot fill, the worst since the COVID-19 pandemic.
- Labor quality and labor costs are the top challenges for many owners, reported by about 13-14% of them.
- Rising fuel and supply costs are making it harder for businesses like Barry’s Blind Factory to maintain sales and profits.
- Some businesses, like a pet sitting service in Alaska, have raised prices but still face difficulties due to high gas prices linked to conflicts in the Middle East.
- A bed-and-breakfast owner in Tennessee is carefully managing costs but may have to increase prices if expenses keep rising.
- A plumber in California reports most work is now emergency repairs rather than profitable remodels, affecting income.
- Small-business owners are exploring new strategies and becoming more selective about what products and services they offer to stay profitable.
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