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The Current State of Small Business Optimism

Estimated read time: 4-6 minutes

Small business owners are feeling cautiously optimistic about the current business climate, although there has been a slight decline in overall optimism in the past few months. According to the September NFIB Small Business Optimism Index, optimism decreased by half a point in September. However, the general sentiment is still better than it was a year ago.

When asked about their top concerns, small business owners cited inflation, quality of labor, and taxes as the main issues affecting their outlook. Other worries included poor sales, interest rates, and insurance.

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The State of Small Business Optimism in Utah

In Utah, small business owners echo the same concerns as their counterparts nationwide. Derek Miller, president and CEO of the Salt Lake Chamber, emphasized the pervasive impact of inflation on all aspects of business operations. He also highlighted the quality of the workforce as a crucial issue, indicating that the cost of doing business, including taxes and regulations, is closely linked to workforce challenges.

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Miller also pointed to the importance of immigration as part of the workforce solution, particularly in industries such as agriculture, healthcare, and hospitality. He emphasized the need to increase pathways for legal immigration to address the workforce shortage.

“The issue of workforce has been a perennial problem for small business owners in Utah, especially in a rapidly growing economy,” Miller said. He cited the current scenario of 100,000 unfilled jobs in Utah and the challenges faced by employers in finding qualified individuals.

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Insights on Inflation Concerns

Don Brinkerhoff and Simone Seikaly

More Resources for Small Business Owners

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