July 19, 2021
Main Street Monday- Small Business Owners are Feeling More Optimistic Says the NFIB
After a slight decline in May, small business owners’ optimism is on the rise as seen in the June Small Business Economic Trends report by the NFIB. Small business owners are hopeful as the economy starts to improve and return to pre-pandemic levels, but issues such as inventory and lack of employees continue to worry some owners.
Here are the key takeaways from the NFIB June Optimism Index:
• In June, small business owners were the most optimistic about economic conditions than they have been for the entirety of 2021. There are more business owners expecting better general business conditions in the next six months. The number of owners who feel this way has increased substantially since last month.
• More small businesses owners’ outlook on expansion has improved, and those that are considering expansion credit good economic conditions and sales prospects.
• Small business owners have been comfortable with capital expenditures in June. Of those who have purchased or leased in the last six months, more than half bought equipment and vehicles. A majority of those owners spent over $100,000.
• Some small business owners are still uncertain about conditions for small businesses. Employment issues, taxes, and inflation are the biggest causes of concern for small business owners. “Owners are also having a hard time keeping their inventory stocks up with strong sales and supply chain problems,” says the NFIB Chief Economist Bill Dunkelberg.