National Federation Of Independent Business, Mitchell Hartman, Neil Bradley discussed on Marketplace with Kai Ryssdal


There's a lot to like in the macro economy right now. Record number of job openings. Falling unemployment and strong consumer spending. But there's a lot of worry out there especially among small businesses. The national federation of independent business said today it's optimism index fell about three points in july. That's after rising for several months. Small business owners now expect lower sales and profits and worse business conditions over the next three to six months from portland oregon marketplace's mitchell hartman has that story. Signs of a labor shortage are everywhere. The twenty four hour coffee shop around the corner from my office isn't open. Twenty four seven right now. It closes at eleven each night because the manager tells me he can't find workers to staff the graveyard shift. Neil bradley is chief policy officer at the. Us chamber of commerce. We've gone from a situation a year ago. Where small businesses were struggling. How to figure out how to stay open to a situation in which small businesses can't attract enough workers to be able to stay according to the national federation of independent business. Forty nine percent of small businesses had job openings. They couldn't fill in july a record. High holly wade runs. Nf ib's research center. The labor shortage is impacting their bottom line their ability to open as consumer spending increases one in five small businesses. Say they've lost significant sales because they can't staff up nick bunker at job site. Indeed which is a marketplace underwriter says small employers are raising base pay offering signing bonuses and better benefits but they are at a disadvantage bigger businesses or more able to give the wage hikes to attract the workers and retain the folks they already have on staff and smaller businesses which may have been hit much. Harder during the pandemic are having hard time competing for workers. They're also struggling with pandemic induced. Inflation says john cohen at momentous which poll small businesses with cnbc. Every quarter seventy percent. Say that they are seeing increased prices in their own supply chains and more than a third are passing those higher prices along to their customers. I'm mitchell hartman. For marketplace you can hear more business and economic news. First thing in the morning with david brancaccio.

Coming up next