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Tom Sullivan, vice president of small business policy with the
U.S. Chamber of Commerce, said while the pandemic mitigations
were among the leading concerns this time last year, things have
changed.
“Is the pandemic there or not, if it is, it’s hidden pretty
deeply behind this massive thing called inflation which is front
of mind for every business owner,” Sullivan told The Center
Square.
The Chamber and MetLife released their third quarter Small
Business Index Wednesday. The index dropped from 66.8 in the
previous quarter to 62.1 in the third quarter. That’s the
largest drop since it plummeted more than two years ago at the
start of the pandemic.
Inflation rocketed to the chief concern.
“Unfortunately this survey shows 7 in 10 small businesses say
the worst is yet to come,” Sullivan said.
The outlook isn’t good, and consumers can expect to feel it in
their pocket book.
“What we see is small business owners having to raise pieces
just to keep up with costs but there is a growing anxiety of not
ultimately being able to keep up with inflation,” Sullivan said.
Other top concerns he said are supply chain issues and, not
surprisingly, a labor shortage. Sentiment across the country
isn't great.
While the Midwest is faring better than the East and West Coast,
Sullivan said policymakers need to listen to what’s driving job
creators.
“I think the question that every small business owner should ask
their elected leader is ‘how can you make it easier for me to
hire one more employee,’” Sullivan said.
The survey of around 750 small businesses shows 59% say the U.S.
economy is in poor health, an increase of 10 percentage points
from last quarter.
Greg Bishop reports on Illinois government and
other issues for The Center Square. Bishop has years of
award-winning broadcast experience and hosts the WMAY Morning
Newsfeed out of Springfield.
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