{"id":1652556,"date":"2022-09-22T07:08:46","date_gmt":"2022-09-22T11:08:46","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1652556"},"modified":"2022-09-22T07:10:50","modified_gmt":"2022-09-22T11:10:50","slug":"small-business-owners-at-their-breaking-point-over-inflation-concerns","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/small-business-owners-at-their-breaking-point-over-inflation-concerns\/","title":{"rendered":"Small Business Owners at Their Breaking Point Over Inflation Concerns"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsmall-business-owners-at-their-breaking-point-over-inflation-concerns%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1652556&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>Circle Squared Alternative Investments founder and CIO discusses the long-term impact of rate hikes on the U.S. economy on &#8216;Varney &#038; Co.&#8217;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Small businesses are growing increasingly worried about the financial impact of high inflation, with an overwhelming majority of owners saying the worst is yet to come.\u00a0<\/p>\n<p>That&#8217;s according to a new survey from the Chamber of Commerce and MetLife published on Wednesday, which found that a stunning 90% of <a href=\"https:\/\/foxbusiness.com\/category\/small-business\" target=\"_blank\" rel=\"noopener\">small business owners<\/a> are concerned about the ramifications of the highest inflation in nearly four decades. More than half \u2013 54% \u2013 of respondents said they were very concerned, an increase of 23 percentage points from the beginning of 2022.<\/p>\n<p>&#8220;In recent quarters, there has been optimism from small businesses who still felt good about how their business is doing,&#8221; said Tom Sullivan, vice president of small business policy at the Chamber of Commerce. &#8220;However, inflation is really hitting small business hard, and that reality is negatively impacting their confidence, their ability to hire, invest in their businesses, and grow.&#8221;<\/p>\n<p>Inflation \u2013 which came in hotter than expected in August, climbing 8.3% on a year-over-year basis \u2013 now ranks as the biggest financial challenge for small businesses. About 45% of owners said that steeper prices is their single top concern, an 11 percentage point increase from the beginning of the year. That compares to 28% who ranked supply chain bottlenecks as the No. 1 issue. Other concerns include revenue, <a href=\"https:\/\/foxbusiness.com\/category\/the-fed\" target=\"_blank\" rel=\"noopener\">rising interest rates<\/a> and COVID-19 safety protocols and compliance.\u00a0<\/p>\n<p><a href=\"https:\/\/foxbusiness.com\/business-leaders\/billionaire-david-rubenstein-warns-inflation-difficult-fed-reduce\" target=\"_blank\" rel=\"noopener\"><strong><u>BILLIONAIRE DAVID RUBENSTEIN WARNS INFLATION WILL BE &#8216;DIFFICULT&#8217; FOR THE FED TO REDUCE<\/u><\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><\/div>\n<div class=\"caption\">\n<p><span>People walk by a sign that reads, &#8220;support a small business&#8221; outside of a store in Chelsea on March 21, 2021 in New York City.<\/span><span> (Noam Galai\/Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n<p>To cope with higher prices, about 7 in 10 businesses said they were raising costs for consumers. On top of that, nearly half \u2013 46% \u2013 reported taking out a loan in order to cover higher costs, while about 35% have cut payroll.<\/p>\n<p>Small business owners are also increasingly uneasy about the economic outlook. About 88% of owners expressed concern about the U.S. entering an economic downturn in the next year, with 54% saying they are &#8220;very concerned.&#8221; The majority of small business owners (59%) believe the economy is either in &#8220;somewhat poor&#8221; or &#8220;very poor&#8221; health. \u00a0<\/p>\n<p>Still, when asked to choose between reducing inflation or avoiding an economic downturn, a majority \u2013 59% \u2013 said the priority now should be combating higher prices, while 41% preferred <a href=\"https:\/\/foxbusiness.com\/category\/recession\" target=\"_blank\" rel=\"noopener\">preventing a recession<\/a>.\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/inflation-26.jpg\" alt=\"Grocery store inflation\" \/><\/div>\n<div class=\"caption\">\n<p><span>Shoppers walk through the milk and cream section of a supermarket in Montebello, California, on August 23, 2022.<\/span><span> ((Photo by FREDERIC J. BROWN\/AFP via Getty Images) \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/foxbusiness.com\/economy\/americans-inflation-expectations-dropped-august-new-york-fed-says\" target=\"_blank\" rel=\"noopener\"><strong><u>AMERICANS&#8217; INFLATION EXPECTATIONS DROPPED AGAIN IN AUGUST, NEW YORK FED SAYS<\/u><\/strong><\/a><\/p>\n<p>Despite the headwinds, small businesses said they remain relatively optimistic about their operations and expectations for the future. About 66.8 said their business is in good health; that&#8217;s up from a low of 39.5 recorded in 2020, at the height of the COVID-19 pandemic.<\/p>\n<p>The survey was conducted between April 29 and May 17.\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/gas-taxes-1.jpg\" alt=\"California gas prices\" \/><\/div>\n<div class=\"caption\">\n<p><span>A Chevron gas station displays the price per gallon at over $7 in Los Angeles, California on June 22, 2022.<\/span><span> ((Photo by FREDERIC J. BROWN\/AFP via Getty Images) \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n<p>Although economists hoped to see inflation cool off since then as supply chains improved, consumer prices remain stubbornly high.\u00a0<\/p>\n<p><a href=\"http:\/\/foxbusiness.com\/\" target=\"_blank\" rel=\"noopener\"><strong><u>CLICK HERE TO READ MORE ON FOX BUSINESS<\/u><\/strong><\/a><\/p>\n<p>Despite expectations for a slowdown in August, prices actually rose 0.1%; even more concerning is that core prices \u2013 which exclude more volatile measurements of food and gasoline \u2013 also rose more than expected, a sign that underlying inflationary pressures in the economy remain strong.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Circle Squared Alternative Investments founder and CIO discusses the long-term impact of rate hikes on the U.S. economy on &#8216;Varney &#038; Co.&#8217; Small businesses are growing increasingly<\/p>\n","protected":false},"author":1,"featured_media":1652561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1652556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1652556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1652556"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1652556\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1652561"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1652556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1652556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1652556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}