Latest measurement by NFIB shows 30th consecutive month below historic average
FOR IMMEDIATE RELEASE
Contact: Tray Abney, Nevada State Director, [email protected]
or Tony Malandra, Senior Media Manager, [email protected]
CARSON CITY, Nev., July 9, 2024—Despite tiny improvements, the Small Business Blues continues to be the theme song along the Main Streets of America, according to the latest monthly report on the nation’s small business economy released today.
“While it is good to see small business owners’ optimism inch higher, we know that they continue to struggle with finding and keeping quality employees,” said Tray Abney, Nevada state director for the National Federation of Independent Business (NFIB) on his association’s latest Small Business Economic Trends report.
“Due to a recent increase in the minimum wage and market necessity, our job-providers are paying their employees more. But that also adds to inflationary pressures and results in more costs to employers, their employees and their customers. We look forward to hearing plans for relief from candidates and public officials this fall.”
More about the Nevada minimum wage, inflation, and the election ahead can be heard from Abney on this radio interview.
From NFIB Chief Economist Bill Dunkelberg
“Main Street remains pessimistic about the economy for the balance of the year. Increasing compensation costs have led to higher prices all around. Meanwhile, no relief from inflation is in sight for small business owners as they prepare for the uncertain months ahead.”
Highlights from Today’s Report
- Inflation is still the top small business issue, with 21% of owners reporting it as their single most important problem in operating their business, down one point from May.
- The NFIB Small Business Optimism Index reached the highest reading of the year in June at 91.5, a one-point increase from last month. The last time the index was higher was in December of 2023 when it reached 91.9. Even so, this marks the 30th month below the historical average of 98.
- Seasonally adjusted, a net 22% plan to raise compensation in the next three months, up four points from May.
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 Nevada small-business news at www.nfib.com/nevada, where this news release can also be found, or by following NFIB on Twitter @NFIB_NV.
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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.
NFIB Nevada
Abney Tauchen Group
775-443-5561
Reno, NV
NFIB.com/NV
Twitter: @NFIB_NV
