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Small Business Monitor Uncertainty
FILE - People walk along Main Street in Deadwood, S.D., Sept. 20, 2023. (AP Photo/David Zalubowski, File)

Ahead of the presidential election, small biz owners are growing more uncertain about the economy

Small business owners are growing more uncertain about the economy ahead of the presidential election and are reining in spending, according to a new survey

By MAE ANDERSON
Published - Oct 15, 2024, 03:45 PM ET
Last Updated - Oct 15, 2024, 03:45 PM EDT

NEW YORK (AP) — Small business owners are growing more uncertain about the economy ahead of the presidential election and are reining in spending, according to a new survey.

The National Federation of Independent Business optimism index edged up 0.3 points in September to 91.5. But the uncertainty index rose 11 points to 103, the highest ever recorded.

While inflation is cooling and the pace of hiring appears solid enough to support a growing economy, small business owners till have a tougher time than bigger businesses holding onto workers and dealing with rent and other costs.

“Small business owners are feeling more uncertain than ever,” said NFIB Chief Economist Bill Dunkelberg. “Uncertainty makes owners hesitant to invest in capital spending and inventory, especially as inflation and financing costs continue to put pressure on their bottom lines."

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