Inflation remains the top issue among small business owners, and a seasonally adjusted net 24 percent say they plan to raise prices. Those are just a few of the findings of the latest NFIB Small Business Optimism Index released this week.
“Inflation continues to be the main hurdle for New Hampshire’s small businesses,” said National Federation of Independent Business (NFIB) New Hampshire State Director Bruce Berke. “Cost pressures on Main Street have not eased much, and small business owners continue to adjust business operations to accommodate the rising prices.
“These unrelenting cost pressures are taking their toll on New Hampshire small business owners and consumers and should serve as a warning for elected officials to closely examine any policies that could make the state less affordable.”
The NFIB Small Business Optimism Index rose 2.2 points in July to 93.7, the highest reading since February 2022, the organization reported. However, this is the 31st consecutive month below the 50-year average of 98. Inflation remains the top issue among small business owners, with 25 percent reporting it as their single most important problem in operating their business, up four points from June.
New Hampshire’s economy is consistently ranked as one of the best in the U.S. and it has the fourth-lowest unemployment rate in the nation, too. But that success has brought challenges, such as a shortage of workforce housing and rising labor costs.
Nationwide, says NFIB Chief Economist Bill Dunkelberg, “The road ahead remains tough for the nation’s small business owners. Cost pressures, especially labor costs, continue to plague small business operations, impacting their bottom line. Owners are heading towards unpredictable months ahead, not knowing how future economic conditions or government policies will impact them.”
A new St. Anselm College Survey Center poll released Thursday found inflation and the economy remain the top concern of Granite State voters. And a NHJournal poll released last month found concerns about housing topped the list, particularly among independent voters.
