“Their views about future business conditions are at the worst levels seen in 50 years.”
FOR IMMEDIATE RELEASE
Contact: Michael Iosua, Hawaii State Director, [email protected]
or Tony Malandra, Senior Media Manager, [email protected]
Honolulu, June 11, 2024—Inflation remains their top concern, but one component in the latest Small Business Economic Trends report released today by the National Federation of Independent Business (NFIB), the Uncertainty Index, rose an alarming nine points to 85, the highest reading since November 2020.
“The small business sector is responsible for the production of over 40% of GDP and employment, a crucial portion of the economy,” said Bill Dunkelberg, chief economist for the National Federation of Independent Business (NFIB), which publishes the Small Business Economic Trends (SBET) report. “But for 29 consecutive months, small business owners have expressed historically low optimism and their views about future business conditions are at the worst levels seen in 50 years. Small business owners need relief as inflation has not eased much on Main Street.”
NFIB’s monthly (SBET) report is the gold standard measurement of America’s small business economy. Used by the Federal Reserve, Congressional leaders, administration officials, and state legislatures across the nation, it’s regarded as the bellwether on the health and welfare of the Main Street enterprises that employ half of all workers, generate more net new jobs than large corporations, and gave most of us the first start in our working life. The SBET (aka the Optimism Index) is a national snapshot of NFIB-member, small-business owners not broken down by state. More about the Uncertainty Index can be read here. The typical NFIB member employs 10 people and reports gross sales of about $500,000 a year.
Keep up with the latest Hawaii small-business news at www.nfib.com/hawaii or by following NFIB Hawaii on Twitter @NFIB_HI.
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For 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
NFIB Hawaii
745 Fort Street Mall 17th Floor
Honolulu, HI 96813
808-541-9050
NFIB.com/HI
Twitter: @NFIB_HI
