Huge jump in uncertainty index. State Director in Washington, D.C., to lobby for corrective action
FOR IMMEDIATE RELEASE
Contact: Casey Hill, Utah State Director, [email protected]
or Tony Malandra, Senior Media Manager, [email protected]
SALT LAKE CITY, Utah, June 12, 2024—Yesterday’s release of NFIB’s Small Business Economic Trends (SBET) report showing a huge jump in its Uncertainty Index coincides with its Utah state director’s trip to the nation’s capital to lobby for a couple of initiatives that might make things a whole better for Main Street, mom-and-pop businesses.
“I’m glad the Utah State Legislature does such a great job on issues for small businesses, but lawmakers can only do so much without help from Congress,” said Casey Hill, NFIB’s Utah state director. “I’ve been in DC this week meeting with our members of Congress, asking them to work with their colleagues and act now on not letting the Small Business Deduction expire and freeing mom-and-pop companies from the vise grip of the Corporate Transparency Act.”
NFIB President Brad Close explains the importance of the Small Business Deduction and the harm the Corporate Transparency Act is causing in this guest editorial in The Washington Times.
Inflation remains the top concern, according to the SBET, but 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 on Utah small-business news at www.nfib.com/utah. Follow us on Twitter @nfib_ut.
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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 our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
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