Uncertainty improves, but labor quality is a growing issue
|Summary
The NFIB Small Optimism Index fell to 98.2 in October, the second consecutive decline that brought small business sentiment back to its weakest point since sweeping new tariffs were announced in April. Although outlooks are still brighter than before the 2024 election, a lack of qualified labor combined with deteriorating sales and profits appeared to weigh on economic expectations. On the bright side, hiring remains stable and the share of owners hiking prices continues to grind lower. However, business comments noted that high costs, elevated interest rates and stagnating demand remain challenges for small firms.
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