Michael Smith Director | NFIB Wyoming
Michael Smith Director | NFIB Wyoming
The National Federation of Independent Business (NFIB) has released its monthly Small Business Economic Trends (SBET) report, marking the 50th anniversary of this survey. However, the findings reveal that small business owners are not in a celebratory mood.
Bill Dunkelberg, NFIB Chief Economist, stated, “This month marks the 50th anniversary of NFIB’s small business economic survey. The October data shows that small businesses are still recovering, and owners are not optimistic about better business conditions. Small business owners are not growing their inventories as labor and energy costs are not falling, making it a gloomy outlook for the remainder of the year.”
Tony Gagliardi, Wyoming state director for NFIB, highlighted upcoming legislative concerns as preparations begin for the 2024 Budget Session. He noted that NFIB will scrutinize proposals related to property taxes and regulatory policies affecting Wyoming's small businesses.
Key insights from the SBET include:
- Inflation was cited as the most pressing issue by 22% of owners.
- The expectation for better business conditions remains unchanged at a net negative 43%.
- Job openings difficult to fill were reported by 43% of owners.
- A net 24% plan to raise compensation in the next three months.
A historical perspective on SBET notes its significance: “Today, in the full maturity of its 50 years,” according to this one-page history of it, “NFIB’s monthly Small Business Economic Trends (SBET) report is the gold standard measurement of America’s small business economy. Used by the Federal Reserve, Congressional leaders, administration officials, and state legislatures across the nation, it’s regarded as the bellwether on the health and welfare of Main Street enterprises that employ half of all workers.”
The SBET serves as a national overview without state-specific breakdowns. Typically, an NFIB member employs around ten people with gross sales near $500,000 annually.
NFIB has been advocating for small businesses since its founding in 1943. It continues to support these enterprises both federally and within each state capital.
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