Small business owners’ optimism in the US fell to a seven-month low in October as a worsening labor and supply shortage made them less optimistic about the future.
The small business confidence index fell 0.8 points to 98.2 points in October, the National Federation of Independent Enterprises (NFIB) announced on Tuesday. This is the lowest level since March.
Small and large companies are facing one of the worst labor shortages since World War II. More than 4 million people who left the workforce during the pandemic have not returned, despite the fact that some companies are offering higher wages in an effort to fill some 10 million vacancies.
At the same time, companies can not obtain sufficient supplies in time to continue operating at full capacity. But even when they do, they pay much higher prices, as many other companies also try to get more commissions.
The shortfalls are expected to remain next year and keep US inflation at unusually high levels.
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Source From: Capital
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