Gem State Wire

The National Federation of Independent Business (NFIB) released its latest Small Business Economic Trends report, also known as the Optimism Index, on September 10, 2024. The report highlights ongoing challenges faced by small business owners in Idaho and across the nation.

Suzanne Budge, NFIB's state director for Idaho, emphasized two key points. "One is the pro-small-business policies Governor Little and our State Legislature have put in place have helped cushion the blow in this age of continued economic uncertainty," she said. "The other is Congress urgently needs to stop dithering and start passing the Main Street Tax Certainty Act that will keep the 20% Small Business Deduction from expiring next year."

Bill Dunkelberg, NFIB Chief Economist, commented on the current sentiment among small business owners. "The mood on Main Street worsened in August, despite last month’s gains," he noted. "Historically high inflation remains the top issue for owners as sales expectations plummet and cost pressures increase."

The report revealed several significant findings: a net negative 37% of businesses reported positive profit trends; 24% identified inflation as their most pressing issue; expectations for higher real sales volumes dropped nine points to a net negative 18%; and a seasonally adjusted net 20% plan to raise compensation within three months.

A previous industry-specific report released by NFIB on September 4 indicated that supply chain disruptions affected seventy percent of small business owners across construction, manufacturing, retail, and services sectors.

NFIB's monthly SBET report serves as an essential tool for assessing America's small business economy. It provides insights used by various governmental bodies including the Federal Reserve and Congressional leaders.

For further information about NFIB's advocacy efforts or to access more Idaho-specific news updates, visit www.nfib.com/idaho or follow @NFIB_ID on Twitter.