Big Sky Times

The National Federation of Independent Business (NFIB) has released its 50th anniversary edition of the Small Business Economic Trends (SBET) report. However, small business owners are not in a celebratory mood as the economic outlook remains challenging.

Bill Dunkelberg, NFIB Chief Economist, commented on the current state of small businesses: "This month marks the 50th anniversary of NFIB’s small business economic survey. The October data shows that small businesses are still recovering, and owners are not optimistic about better business conditions. Small business owners are not growing their inventories as labor and energy costs are not falling, making it a gloomy outlook for the remainder of the year."

Ronda Wiggers, Montana state director for NFIB, acknowledged local efforts to support businesses amidst these challenges: "I give our state credit for passing policies that have cushioned the blow from what our economy has been throwing at small businesses with such things as lowering the personal income tax rate and boosting the business equipment tax exemption to $1 million from $300,000. Every dollar matters and those two accomplishments are enormous. Now, if Congress can get a move on and pass Senator Daines’s Main Street Tax Certainty Act, we can rapidly turn things around."

The latest SBET findings reveal persistent issues faced by small business owners:

- Inflation remains a significant concern for 22% of owners.

- Expectations for improved business conditions over six months remain low at a net negative 43%.

- Job openings continue to be hard to fill for 43% of owners.

- A net 24% plan to increase compensation in the next three months.

"Today, in the full maturity of its 50 years," according to this one-page history of it, "NFIB’s monthly Small Business Economic Trends (SBET) report is the gold standard measurement of America’s small business economy." The SBET serves as an important indicator used by various government entities and provides insights into Main Street enterprises.

For more than eight decades, NFIB has advocated for America's small and independent businesses across all states. It remains dedicated to supporting these vital components of the economy.