Small business owners overall are feeling positive about their business and achieving the goals they set for this year despite inflation and high labor costs, according to two new surveys.
FILE - Small businesses line the boardwalk in Wildwood, N.J., on Aug. 9, 2024. –
“At the mid-point of 2024, we asked small businesses to look back on the goals they set for the year, and we found that they’re satisfied with their progress and successes over the first half,” said Gina Taylor Cotter, executive vice president and general manager of American Express' small business products.
The National Federation of Independent Business, meanwhile, said its Small Business Optimism Index rose 2.2 points in July to 93.7, the highest reading since February 2022. Still, it is the 31st consecutive month below the 50-year average of 98. Inflation remains the top issue among small business owners, with 25% reporting it as the single most important problem in operating their business.
“Despite this increase in optimism, the road ahead remains tough for the nation’s small business owners,” said NFIB Chief Economist Bill Dunkelberg. “Cost pressures, especially labor costs, continue to plague small business operations, impacting their bottom line." Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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