![]() The proportion of respondents planning to increase inventories remained unchanged at a net negative 4 percent. A net 41 percent cited unfilled job openings, down three points. Among those reporting lower profits, 30 percent cited higher material costs and 24 percent blamed weaker sales.Ī net 17 percent of survey respondents reported plans to increase staffing, down a point. At a net negative 10 percent, more forecast decreased sales.Įxpectations for profits declined eight points to a net negative 30 percent. The share of those who expected increased sales fell two points. A net 5 percent said they consider now a good time to expand, also down a point. At a net negative 51 percent, more members anticipated worsening conditions.Ī net 23 percent reported plans for capital outlays, down a point from November. The proportion of NFIB members responding to the survey upon which the December index was based who expected the economy to improve fell eight points. ![]() For December, eight of 10 components of the index declined. The NFIB bases the index on the results of monthly surveys of members of the small business advocacy group, most of them small business owners. “Owners are managing several economic uncertainties and persistent inflation, and they continue to make business and operational changes to compensate,” Dunkelberg said. The index has remained below the 49-year average of 98 for 12 consecutive months. The NFIB reported its Small Business Optimism Index retreated 2.1 points to 89.8 in December. “Overall, small business owners are not optimistic about 2023 as sales and business conditions are expected to deteriorate,” said Bill Dunkelberg, chief economist of the National Federation of Independent Business. A measure of optimism among small business owners has declined on less upbeat expectations for the economy, sales and earnings.
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