Inflation remains top issue for U.S. small business owners in July: survey

NEW YORK, Aug. 13 (Xinhua) -- Inflation remained the top issue among U.S. small business owners in July despite optimism that rose slightly, a new survey showed.

According to the survey released by the National Federation of Independent Businesses (NFIB) on Tuesday, about 25 percent of small business owners reported that inflation was their single most important problem in operating business last month, up four percentage points from June.

Meanwhile, small business owners felt a little more optimistic about the economy.

The Small Business Optimism Index rose 2.2 points to 93.7 in July. It is the highest reading since February 2022, but still below the 50-year average of 98.

On a seasonally adjusted basis, 38 percent of owners reported job openings they could not fill in July, up one percentage point from June.

Among the owners who hired or tried to hire in July, 86 percent reported few or no qualified applicants for the positions to fill.

"Despite this increase in optimism, the road ahead remains tough for the nation's small business owners," said Bill Dunkelberg, NFIB chief economist, in a press release.

"Cost pressures, especially labor costs, continue to plague small business operations, impacting their bottom line," Dunkelberg continued. "Owners are heading towards unpredictable months ahead, not knowing how future economic conditions or government policies will impact them."