Utah Comment on Today’s Release of Latest Optimism Index

Date: July 12, 2022

Another dismal report brings call for continuing policies that foster small-business growth

FOR IMMEDIATE RELEASE
Contact: Casey Hill, Utah State Director, casey@lincolnhill.com
or Tony Malandra, Senior Media Manager, anthony.malandra@nfib.org

SALT LAKE CITY, Utah, July 12, 2022—From Casey Hill, Utah state director for the National Federation of Independent Business (NFIB) on today’s release of NFIB’s monthly Small Business Optimism Index showing that small-business owners expecting better business conditions over the next six months decreased seven points to a net negative 61%, the lowest level recorded in the 48-year survey.

“Each state deals with unique challenges. In Utah we are facing the prospects of ongoing severe drought that has the long-term potential of impacting many aspects of our life including small business growth. In the near-term Utah is facing drought of a different type. We have a drought of affordable labor and of affordable goods and services. These labor shortages and inflation are driving up the cost of business and making it even more difficult to succeed as a small business. Thanks to good state policies Utah is in a better position to get through this tough stretch than many other states but no matter how well we manage ourselves if Congress passes the Small Business Surtax currently being considered the negative impact to Utah’s small businesses would be significant. It’s a terrible policy idea, terribly timed.”

From NFIB Chief Economist Bill Dunkelberg

“As inflation continues to dominate business decisions, small business owners’ expectations for better business conditions have reached a new low. On top of the immediate challenges facing small business owners including inflation and worker shortages, the outlook for economic policy is not encouraging either as policy talks have shifted to tax increases and more regulations.”

Key findings from today’s Small Business Optimism Index include:

  • The net percent of owners who expect real sales to be higher decreased 13 points from May to a net negative 28%, a severe decline.
  • Fifty percent of owners reported job openings that could not be filled, down one point from May, but historically very high.
  • The net percent of owners raising average selling prices decreased three points to a net 69% seasonally adjusted, following May’s record high reading.

Keep up with the latest on Utah small-business news at www.nfib.com/utah. Follow us on Twitter @nfib_ut.

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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 our 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 Utah
Salt Lake City, UT
317-638-4447
www.nfib.com/utah

 

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