![]() Unadjusted, 11% reported lower average selling prices and 50% reported higher average prices. The net percent of owners raising average selling prices decreased one point from February to a net 37% seasonally adjusted, the lowest since April 2021. A net negative 4% of owners plan inventory investment in the coming months, up three points from February. Complaints of shortages in construction (3%) have been reduced because home sales have slowed due to higher interest rates. ![]() By industry, shortages are reported most frequently in transportation (18%), retail (17%), manufacturing (16%), and wholesale (16%). Another 31% reported a moderate impact and 35% reported a mild impact.Ī net 1% of owners viewed current inventory stocks as “too low” in March, up five points from February. Nineteen percent of owners reported that supply chain disruptions still have a significant impact on their business. Not seasonally adjusted, thirteen percent reported increases in stocks and 17% reported reductions. The net percent of owners reporting inventory increases was unchanged at a net negative 1%. The net percent of owners expecting higher real sales volumes deteriorated six points to a net negative 15%. Overall, the small business sector shows little strength from capital spending.Ī net negative 6% of all owners (seasonally adjusted) reported higher nominal sales in the past three months. Twenty percent of owners are planning capital outlays in the next few months, down one point from February. Fifteen percent improved or expanded facilities and 6% acquired new buildings or land for expansion. Of those making expenditures, 40% reported spending on new equipment, 23% acquired vehicles, and 11% spent money for new fixtures and furniture. Labor quality remains in second place behind inflation by one point as the top business problem.įifty-seven percent of owners reported capital outlays in the next six months, down three points from February. Eleven percent of owners cited labor costs as their top business problem and 23% said that labor quality was their top business problem. Twenty-six percent of owners reported few qualified applicants for their open positions and 27% reported none. The net percent of owners who expect real sales to be higher deteriorated six points from February to a net negative 15%.Īs reported in NFIB’s monthly jobs report, a seasonally adjusted net 15% of owners are planning to create new jobs in the next three months.The net percent of owners raising average selling prices decreased one point to a net 37% seasonally adjusted.Forty-three percent of owners reported job openings that were hard to fill, down four points from February and remaining historically very high.Here’s hoping we have a strong set of pro-small-business legislators to champion the key issues through the process and a Governor who will respond appropriately in support of Arizona’s entrepreneurs.” Small business owners do look fondly at several key policy proposals making their way through the state legislature that will tackle issues of property tax equity, government permitting, and local government labor regulations. “Hiring plans fell to their lowest level since May 2020, but strong consumer spending has kept Main Street alive and supported strong labor demand.”Īlthough state-specific data is unavailable, NFIB State Director Chad Heinrich adds, “Optimism continues to wane among small business owners as inflation continues to put pressure on prices and willing workers remain hard to find. “Small business owners are cynical about future economic conditions,” said NFIB Chief Economist Bill Dunkelberg.
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