An October survey of small business owners shows a small drop in optimism. The National Federation of Independent Business reports the national index slipped to 98.2 — down just over half a point, but still slightly above the long-term average of 98. The index is based on how owners feel about sales, hiring, and business conditions, with scores near 100 generally reflecting a stable outlook.
NFIB says lower sales and weaker profits are driving the decline. Chief Economist Bill Dunkelberg says many businesses want to hire but can’t find qualified workers, and labor quality remains the top concern.
NFIB Iowa Director Matt Everson says the trend is worrying for Main Street. He says inflation and high property taxes are already squeezing small businesses, and lower sales make it harder to keep up with rising costs. In a press release, Everson warned that labor shortages and softer spending could add pressure to Iowa businesses tied to farm and commodity markets.
