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JOB GROWTH STALLS WHILE OPTIMISM DIPS IN AUGUST

Date: September 18, 2024


THE AUGUST SMALL BUSINESS ECONOMIC TRENDS SURVEY FOUND THAT 24% OF SMALL
BUSINESS OWNERS CITED INFLATION AS THEIR TOP CONCERN – A 1-POINT DECREASE FROM
THE JULY SURVEY



What it means: In the August report, small business optimism fell 2.5 points.
Inflation remains small businesses’ top concern. 

Our take: Optimism continues to fluctuate month-to-month as hiring challenges,
low sales and increasing cost pressures continue to cause concern. 

The NFIB Small Business Economic Trends (SBET) August report revealed that the
Optimism Index fell by 2.5 points in August to 91.2, erasing all of July’s
gains. The Uncertainty Index rose to 92, the highest level since October 2020.
Inflation remains the top issue among small business owners with 24% reporting
it as their top operating issue, down one point from July.  

Forty percent of small business owners reported job openings they could not fill
in August, up two points from July. Labor costs, reported as the single most
important problem for business owners, was unchanged at 9%, four points below
the highest reading of 13% reached in December 2021. 

The full Small Business Economic Trends report and NFIB Jobs Report are
available for further analysis. The full quarterly report is available here. 





Related Content: Small Business News Analysis | Economy | Labor | National |
Research

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