Local Comment on Latest Economic Optimism Index

Date: June 14, 2022

Small-business owners expecting better business conditions hits historic low

FOR IMMEDIATE RELEASE
Contact: Tony Gagliardi, Colorado State Director, tony.gagliardi@nfib.org,
or Tony Malandra, Senior Media Manager, anthony.malandra@nfib.org

DENVER, June 14, 2022—Survey results from a sampling of the nation’s small-business owners released today brought more bad news for the economy.

NFIB’s Optimism Index, the nation’s bellwether measurement of the Main Street economy, found small-business owners expecting better business conditions over the next six months decreasing four points to a net negative 54%, the lowest level recorded in the 48-year-old survey. Overall, the Index fell 0.1 points in May to 93.1, marking the fifth consecutive month below the 48-year average of 98. The Index is a national snapshot not broken down by state.

“About the only bright spot Colorado small-business owners can see is that our Legislature is done for the year and the governor’s period to sign or veto bills has passed, so for a while at least, no more damage can be done,” said Tony Gagliardi, Colorado state director for the National Federation of Independent Business (NFIB). “I can’t remember an equivalent half-year period of upcoming small-business anxiety over so many bad economic factors. The fortitude of small-business owners will be tested as never before.”

From NFIB Chief Economist Bill Dunkelberg

“Inflation continues to outpace compensation which has reduced real incomes across the nation. Small business owners remain very pessimistic about the second half of the year as supply chain disruptions, inflation, and the labor shortage are not easing.”

Key findings in today SBET/Optimism Index report include:

  • Fifty-one percent of owners reported job openings that could not be filled, up four points from April.

  • The net percent of owners who expect real sales to be higher decreased three points from April to a net negative 15%.

  • A net 46% (seasonally adjusted) of owners reported raising compensation, down three points from April with a net 25% planning to raise compensation in the next three months, down two points from April but historically high.

  • Thirty-nine percent of owners report that supply chain disruptions have had a significant impact on their business, up three points. Another 31% report a moderate impact and 22% report a mild impact. Only 8% of owners report no impact from the recent supply chain disruptions.

Keep up with the latest Colorado small-business news at www.nfib.com/colorado or by following NFIB on Twitter @NFIB_CO or on Facebook @NFIB.CO

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For nearly 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.

NFIB Colorado
1700 Lincoln Street, 17th Floor
Denver, CO 80203
303-860-1778
www.nfib.com/colorado
Twitter: @NFIB_CO
Facebook: NFIB.CO

 

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