The year 2022 brought enthusiasm to people. As our nation gained better control over the COVID pandemic, people were left thinking they would finally be able to get back on track. But fast forwarding to the present, many are left feeling rather bleak about the remainder of the year. According to the National Federation of Independent Business Optimism Index, they are seeing the lowest numbers recorded in the last 48 years regarding small business owners who are feeling optimistic for the future of their business.

 This pessimism is due to the recent rises in inflation, supply chain issues, as well as the labor shortages we’ve been facing. Although many have been faced with challenges small business owners remain among the top who have been affected. recent data shows inflation about its highest we’ve seen in the last 40 years. Also at a record high, 72% of business owners have had to adjust their prices. Some have even had to skim off the top of products they’ve been producing just to see a minimal profit.  Many small business owners simply don’t have the resources like there big corporate competitors do leaving little hope for the near future. Wage increase has dropped three points since the previous month, leaving one feeling discouraged and unable to keep up with the rise in the cost of living.

Coming in as a close second small businesses are reporting that the labor shortages are a major attribute in their business decline. Owners are finding it difficult to find skilled employees. A little over half of the businesses with open employment positions claim they simply aren’t finding applicants with the necessary skills to perform the positions they are applying for. This certainly goes against the claims made by the Bureau of Labor Statistics, stating that our nation is at a record low for people who are unemployed.