Inflation Remains Large Concern For Tennessee Business Owners

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The Center Square [By Jon Styf] –

A new nationwide small business survey showed that 32% of small business owners believe that inflation is the single-most important issue their business is facing.

The survey, from the National Federation of Independent Business, also showed that 44% of all owners reported job openings they could not fill.

“Business conditions have improved somewhat these past few months,” said NFIB Tennessee State Director Jim Brown. “Gas prices statewide are down about $1.80 a gallon from the record high we were paying at the pump in June, so that’s helped ease some financial pressure.

“Our members are hopeful things will continue to improve in the coming year, but inflation and supply chain uncertainty are still making it difficult for Main Street businesses to hold prices in check,” Brown said.

Only 43% of business owners believe that business conditions will improve in the next three months, according to the report.

The number of business owners raising prices, meanwhile, was at a net 51% seasonally adjusted. A total 55% of business owners reported capital improvement plans over the next six months with 39% of owners reported spending on new equipment, 19% acquired vehicles, and 12% improved or expanded facilities.

Just 7% of business owners (seasonally adjusted) reported higher nominal sales in the past three months and 8% are expecting higher sales volumes in the near future.

About the Author: Jon Styf, The Center Square Staff Reporter – Jon Styf is an award-winning editor and reporter who has worked in Illinois, Texas, Wisconsin, Florida and Michigan in local newsrooms over the past 20 years, working for Shaw Media, Hearst and several other companies. Follow Jon on Twitter @JonStyf.