New Jersey small business optimism plummets
A new small business optimism report has been released and the news is not good.
In fact, it’s terrible.
The National Federation of Independent Businesses’ Small Business Optimism Index fell 3.6 points last month to 89.5.
Eileen Kean, state director of the NFIB in New Jersey, said small business expectations about future conditions continue to drop.
Troubled Main Street in New Jersey
“It’s a dismal sign as these are the worst ratings we’ve seen in over a decade. Small business optimism remains extremely low and continues to deflate,” she said. declared.
She said Main Street businesses continue to struggle for a number of reasons.
“Whether it’s supply chain issues, hiring employees, gas prices, and to top it off, we have inflation that we all feel and see,” she said.
Inflation tops the list
The survey found that 34% of business owners said inflation was the most important problem running their business, up 6 points from May and the highest level since April. 4th quarter of 1980.
“Inflation is starting to have an impact, shopping is slowing down and it’s just a dismal time for small businesses,” Kean said.
She said it produced a lot of “fear and worry, and that’s not good because when we walk around our neighborhoods, we see empty storefronts.”
Due to this climate, companies are suspending their expansion or renovation projects.
The index is based on discussions with a representative sample of business owners.
Key findings of the report include:
— The net percentage of owners who expect actual sales to be higher fell 13 points from May to a negative net result of 28%, a sharp drop.
— 50% of owners reported unfilled vacancies, down one point from May, but historically very high.
– The net percentage of owners increasing average selling prices fell three points to a seasonally adjusted net rate of 69%, after the record reading in May.
David Matthau is a reporter for New Jersey 101.5. You can reach him at [email protected]
Click here to contact an editor about a comment or correction for this story.
WATCH: What are the odds of these 50 totally random events happening to you?
Beautiful Sunflower Fields to Visit in New Jersey 2022
Among the reasons why the “Garden State” remains an apt nickname for New Jersey – the end of summer means the arrival of sunflower season.
There are at least six domains, spanning the state. Some are in bloom as early as early August, while others should peak from late August to late September.
It is always advisable to call or email before you go if the weather seems to be an issue.