The National Federation of Independent Business Small Business Optimism Index declined by 0.6 points in October to 98.2, but remained above its 52-year average of 98. The Uncertainty Index fell 12 points from September to 88, the lowest reading of this year.
“Small business optimism is hovering just above the all-time average, which is definitely a positive, and the decline in uncertainty at the national level is welcome news. But here in Oregon, I suspect uncertainty is on the rise,” said Anthony Smith, state director for NFIB in Oregon.
“Small Business Saturday is just around the corner, and hopefully we’ll see strong local sales between now and the end of the year, but I’ll bet I know what else is on small business owners’ holiday wish lists this year – an opportunity for Oregon voters to have the final say on all those new transportation taxes and fees,” Smith said.
From NFIB Chief Economist Bill Dunkelberg
“Optimism among small businesses declined slightly in October as owners report lower sales and reduced profits. Additionally, many firms are still navigating a labor shortage and want to hire but are having difficulty doing so, with labor quality being the top issue for Main Street,” Dunkelberg said.
In October, 27% of small business owners cited labor quality as their single most crucial problem, up 9 points from September and the highest level since the record high of 29% in November 2021. Labor quality ranked as the top problem, 11 points ahead of taxes, which ranked second.
