US (Washington Insider Magazine) – A survey found that US business owners are concerned about hiring skilled workers, keeping up with rising employee pay and salary costs, inflation, taxes and regulations.
The information was released by National Write Your Congressman (NWYC), an organization that gives small businesses a voice in government, in its “2023 Second Quarter Index” that measures business and congressional sentiment.
According to the study, 75% of owners said their business was not growing or was flat, reflecting an overall decline since the last quarter in small business owner hope, satisfaction with the performance of the government and trust with members of Congress.
“Business owners are concerned about economic conditions in the US as most businesses are affected by inflation, rising interest rates and a lack of skilled labor,” Randy said. Ford, president and COO of National Write Your Congressman.
“While there is some growth, the business outlook remains bleak due to the challenges of regulations, access to capital, high interest rates, and running and sustaining a business in these uncertain economic times. Business owners feel an unprecedented urgency to connect with their member of Congress. This is a critical time to make sure your concerns are heard by your elected representatives,” Ford added.
Of the 75% of companies that are in decline or stable, obstacles to growth are finding skilled workers (56%), high inflation in raw materials and equipment (51%), uncertainty about the future of the US economy (51%), supply chain issues and the ability to access raw materials and equipment (38%), and high interest rates (37%).
88% of business owners have been affected by rising interest rates. 72% have increased the prices of their services or goods, 31% have not taken advantage of investment opportunities for themselves or their business, and 30% have said that the cost of borrowing money has negatively affected their business due to high interest rates.
On the economic outlook, 74% of small business owners believe the US is currently in a recession. Inflation is affecting 96% of businesses, and 82% believe inflation problems won’t abate for 2-5 years.
This article is originally published on eldiariony.com