The failure of Bidenomics has crushed confidence among US small businesses to the lowest level in more than a decade, as the future path of inflation remains a significant concern. Readers must remember small businesses are vital to the economy, contributing 44% of the country's economic activity and creating two-thirds of net new jobs.
The National Federation of Independent Business (NFIB) reported Tuesday that its small-business optimism index declined .9 points to 88.5, the lowest level since the second half of 2012 - or about when the US economy climbed out of the worst financial crisis ever.
Twenty-five percent of business owners identified inflation as the largest issue plaguing day-to-day operations, highlighting the impact of increased costs for inputs and labor. This represents a 2-point increase from February. Additionally, the proportion of businesses that have increased their average selling prices went up by 7 points compared to the previous month.
"Owners continue to manage numerous economic headwinds," Bill Dunkelberg, the group's chief economist, wrote in a statement, as quoted by Bloomberg.
