Survey shows small business owners still concerned about inflation

Published: Mar. 16, 2023 at 6:45 PM CDT
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LAREDO, Tex. (KGNS) - Confidence in the economy for the public may be going up, but among small business owners, inflation and a possible economic downturn still concerns them. That’s according to a survey from the National Federation of Independent Business. Their chief economist says small business owners are still doubtful that business conditions will get better in the coming months.

Small businesses are still struggling with historic inflation and labor shortages that are holding back growth. According to a local financial advisor, the cost gets passed down to the customer who then in turn responds accordingly. The senior financial advisor for Tejas Financial Advisors Oscar Lopez said, ”What consumers do usually is they, perhaps, instead of buying a name-brand item, they will buy, maybe, a generic item. They will, maybe, stop buying the things that they want, but don’t need, so they can be able to afford things that they need to survive every day.”

According to the survey, it was also found that business owners across the country were having difficulty hiring. About 47% of them reported job openings that were hard to fill which is still historically high.

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