Confidence among us, small business owners rose to its
highest level of the year in May. According to
a survey released Tuesday, the National Federation of Independent
Business said its small business optimism index touched 90.5 up
for a second straight month after plummeting in March to
its lowest level in over a decade. The report
comes just days after the labor department showed far more
job growth than expected in May underscoring the resilience of
the labor market but may also marked the 29th straight
month that the sentiment index came in below the 50
year average of 98. 22% of small business owners
reported that inflation was the single most important problem.
Unchanged from April. The share of businesses planning price
hikes increased two points to 28% and there were some
indications that small business owners may be starting to pull
back on wage increases. 18% plan to boost compensation
over the next three months down three points to the
lowest level. Since March 2021 small businesses have increasingly
felt pressured in the face of persistent inflation and high
borrowing costs. The US Central Bank on Wednesday is
expected to keep interest rates unchanged at the conclusion of
its two day policy meeting. Right.