Government data on Wednesday is expected to show the Consumer Price Index rose by 0.3% in June after an increase of 0.1% in May, according to a Reuters survey of economists. Owners are still raising selling prices at an inflationary level to try to pass on higher inventory, labor, and energy costs,” NFIB Chief Economist Bill Dunkelberg said in a statement.Īlthough hiring slowed in June, when the Department of Labor reported the smallest increase in nonfarm payrolls in 2-1/2 years, wage growth remained strong at 4.4% year over year. “Inflation and labor shortages continue to be great challenges for small businesses. The majority of small business owners who were concerned about inflation cited labor supply as the greatest concern. A net 15% planned to create new jobs in the next three months, down 4 points from May. The NFIB survey showed 42% of owners reported job openings that were hard to fill, down 2 points from May, but still historically high. Small businesses continued to struggle with the cost and quality of labor amidst a slowing but still-tight job market. In June, 24% of small business owners labeled inflation as their biggest headache, down from 25% in May and 13 points lower than last July's peak, which was the highest reading since the fourth quarter of 1979.ĭespite the improved economic outlook, June was the 18th straight month that the index stayed below the 49-year average of 98. Wylie McDade, Navy veteran and co-owner of a local distillery: “Much has changed in the past 2 years.Inflation remained neck-and-neck with finding quality workers as business owners' single most important problem, though concern about price pressures are easing from where they were a year ago.Tom Plaugher, VP of Operations a WV lumber company: “ There are five critical problems that have materialized over the past two years that are poised to impact our industry once again in 2023.”.The crisis of rising costs of everything.“ Ashley Bachman, mom of 3 and local restaurant owner: “ Unfortunately, after COVID, we have been hit with another crisis. ![]() Listen to them testify about how they are fighting to stay open and keep staff employed: In early February, the Ways and Means Committee heard directly from West Virginia small business owners about the struggles they are facing after two years of Democrat one-party rule. 46 percent of small businesses had to raise employee pay to help employees keep up with the worst inflation crisis in 41 years.
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