The May NFIB Small Business Optimism report was released today, June 14, 2022. The headline of the Economic Trends report is “Small Business Owners’ Expectations for the Future at 48-year Low.”
The Index of Small Business Optimism decreased by .1 points to 93.1.
Here is an excerpt that I find particularly notable (but don’t necessarily agree with):
The NFIB Optimism Index fell 0.1 points in May to 93.1, marking the fifth consecutive month below the 48-year average of 98. Owners expecting better business conditions over the next six months decreased four points to a net negative 54%, the lowest level recorded in the 48-year-old survey. Expectations for better business conditions have deteriorated every month since January.
Twenty-eight percent of owners reported inflation was their single most important problem in operating their business, a decrease of four points from April. The net percent of owners raising average selling prices increased two points to a net 72% (seasonally adjusted), back to the highest reading in the 48-year-history of the survey last reached in March and 32 points higher than May 2021.
Below is a chart of the NFIB Small Business Optimism chart, from the Advisor Perspectives’ June 14, 2022 post titled “NFIB Small Business Survey…“:
Further details regarding small business conditions can be seen in the full May 2022 NFIB Small Business Economic Trends (pdf) report.
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The Special Note summarizes my overall thoughts about our economic situation
SPX at 3752.90 as this post is written
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