Small business inflation stress hits record high
Despite a tough economy, a record number of small businesses have launched nationwide in the last two years.
Inflation has eased some in recent months after hitting a four-decade high last year, but worries over rising costs are now at an all-time high forThe U.S. Chamber of Commerce's Q1 Small Business Index found a record 54% of owners cited inflation as their top concern for the first three months of the year, marking the fifth consecutive quarter respondents pointed to cost increases as the number one stressor.
Kymme Williams-Davis sits outside Bushwick Grind Café, as she juggles taking online orders and working behind the counter, Sept. 8, 2022, in New York. Williams-Davis said she hasn't seen costs going up this much since she opened her café in 2015. Respondents' confidence in the national economy also declined in the first quarter, with only one in five small business owners saying the economy was in good health. That's down from 27% in the previous quarter.
The survey results indicate a greater reluctance among owners to expand in the short term. Only 38% said they plan to boost investment in their business over the next year, a drop from 47% in the fourth quarter of 2022.
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