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This year, the National Federation of Independent Business (NFIB), an association of small businesses that advances the interests of small companies in the U.S., celebrates 50 years of its Small Business Economic Trends survey. The NFIB Research Center started collecting Small Business Economic Trends data quarterly in 1973 and has done monthly surveys since 1986. Respondents are randomly drawn from NFIB’s membership.The research puts its finger to the pulse of small business owners, who according to the October 2023 study, are not feeling optimistic in the current economic environment. The NFIB Optimism Index decreased 0.1 points in October to 90.7, marking the 22nd month below the 50-year average. The last time the Optimism Index was at or above the average was December 2021.
Seasonally adjusted key findings include:
· 22% of owners reported that inflation was their single most important problem in operating their business, down one point from last month.
· Owners expecting better business conditions over the next six months were unchanged from September at 43%.
· Just 17% of all owners reported higher nominal sales in the past three months, the lowest reading since July 2020.
· 43% of owners reported job openings …
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