Small-business owners turn pessimistic as labor and supply shortages worsen
The optimism of small-business owners in the U.S. fell in October to a seven-month low, as as worsening shortages of labor and supplies left them less hopeful about the near future.
A closely followed gauge of small-business confidence slipped by 0.8 points to 98.2 last month, the National Federation of Independent Business said Tuesday. It marks the lowest level since March.
Businesses big and small are facing one of the worst labor crunches since World War II. More than 4 million people who left the workforce during the pandemic haven’t returned, even with some companies offering higher pay in an effort to fill some 10 million open jobs.
Read: Mystery of the missing millions the only blemish on strong U.S. jobs report
At the same time, companies can’t get enough supplies or materials on time to keeping operating at full capacity. Even when they can, they have to pay sharply higher prices…
