US small company confidence in the United States fell for the first time since April due to persistent anxiety about inflation and trouble hiring qualified personnel, according to a monthly poll released on Tuesday.
The National Federation of Independent Business (NFIB) reported that its Small Business Optimism Index declined to 91.3 in August from an eight-month high of 91.9 in July. It was the 20th month in a row that the mood was lower than the index’s 49-year average of 98.
Hiring competent personnel in a tight labor market and inflation topped the list of company owners’ most important concerns.
The construction, service, and manufacturing industries had the most difficulty filling available positions.
Another indicator that tracks expectations for stronger business conditions in the coming six months declined 7 points from July.
