Small Business Outlook Grows Bleak

South Bend has launched a program to help small businesses to scale up. (photo courtesy: City of South Bend)

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The National Federation of Independent Business says its membership is getting less optimistic about their ability to fill open jobs. The NFIB Small Business Optimism Index decreased one point in September. Likewise, the organization’s uncertainty index increased five points last month.

In NFIB’s previously released monthly jobs report, a record 51% of small business owners reported job openings they could not fill in the current period. Further, a net 42% of owners reported raising compensation to attract workers.

“How many months can this depressing news for small business owners last before there are even more drastic consequences?” said Barbara Quandt, NFIB State Director in Indiana. “Small businesses have historically led the economy out of nearly every recession. However, NFIB’s data from our small business owners has the country as well as Indiana trending in the wrong direction.”

The NFIB says over 35% of owners report supply chain disruptions have had a significant impact on their business, 32% report a moderate impact and 21% report a mild impact. Only 10% of owners report no impact from recent supply chain disruptions.