The National Federation of Independent Business (NFIB) survey shows that in August 2024, the optimism index for small businesses in the USA dropped to 91.2, the lowest in three months, lower than the market forecast of 93.6, while July was 93.7.

NFIB Chief Economist Bill Dunkelberg said that with sales expectations sharply declining and cost pressures increasing, historical high inflation remains the primary concern for business owners. As expectations for future business conditions deteriorate, uncertainty among small business owners continues to rise.

24% of business owners stated that inflation is the most important issue when operating a business, down one percentage point from July. The net percentage of business owners expecting actual sales volumes to increase decreased by 9 percentage points, reaching a net negative 18%. In addition, a net 20% of people plan to increase wages in the next three months, up two percentage points from July. The net percentage of business owners planning to raise average selling prices decreased by two percentage points, reaching a net 20%.