![]() It is also the highest reading since August 2021 but remains historically very negative. This is 31 percentage points better than July 2022’s reading of a net negative 61%. Small business owners expecting better business conditions over the next six months improved 10 points from June to July but remain at a net negative 30%.Other highlights of the SBOI report include the following: Thirty-three percent of owners reported few qualified applicants for their positions and 23% reported none.Ĭoming in a distant second was concern about inflation, with 21% of survey respondents saying inflation was the largest hurdle to operating their business. Of those hiring or trying to hire, 92% reported few or no qualitied applicants for the positions they were trying to fill. Sixty-one percent of owners reported hiring difficulties, up two points from June. In July, hiring or trying to hire was a major concern among small business owners. The last time the Index was at or above the average was December 2021. This is the nineteenth consecutive month that the SBOI has been below the 49-year average of 98. ![]() According to the report, the July SBOI increased 0.9 points to a reading of 91.9. The National Federation of Independent Business (NFIB), one of the largest small business associations in the US, reported on Tuesday (8-8-23) its Small Business Optimism Index (SBOI) for July. ![]() Small Business Owners Continue to Manage Challenging Economic Environment in July
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