Michael Smith Director | NFIB Wyoming
Michael Smith Director | NFIB Wyoming
Inflation remains a top concern for small business owners, as indicated by the latest Small Business Economic Trends report, known as the Optimism Index, released by the National Federation of Independent Business (NFIB). This monthly measurement also identifies labor quality as a significant issue for businesses. However, Wyoming's state director for NFIB, Tony Gagliardi, highlights another pressing threat.
"New rules from the Environmental Protection Agency pose a bigger threat to Wyoming than any other issue," said Gagliardi, aligning with Governor Mark Gordon's lawsuits against the EPA. He argues that while inflation and labor quality are important, they are overshadowed by what he describes as economic challenges for Wyoming initiated by federal policies.
Bill Dunkelberg, NFIB's Chief Economist, echoes concerns about cost pressures. He states, "Cost pressures remain the top issue for small business owners, including historically high levels of owners raising compensation to keep and attract employees. Overall, small business owners remain historically very pessimistic as they continue to navigate these challenges. Owners are dealing with a rising level of uncertainty but will continue to do what they do best – serve their customers."
The NFIB's Small Business Economic Trends report, a key tool for measuring the state of America's small business economy, finds several noteworthy trends. Among them, 22% of owners cited inflation as their primary problem, which, although a decrease from March, still ranks as the main concern. Moreover, 26% of owners plan to increase prices in April, marking the lowest figure since the same time last year, while 40% of owners reported difficulties in filling job openings.
The NFIB continues its advocacy work for small and independent businesses, having been dedicated to this cause since its establishment in 1943.
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