The NFIB Small Business Optimism Index declined 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.
“Optimism among small businesses declined slightly in October as owners report lower sales and reduced profits,” said NFIB Chief Economist Bill Dunkelberg. “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.”
“The labor crisis continues to hinder small businesses nationwide, especially in Minnesota,” said NFIB Minnesota State Director Jon Boesche. “Burdensome red tape is preventing small businesses from expanding, and workforce shortages are slowing production. These impacts will be intensified by Minnesota’s Paid Family &…
