Business confidence low now---supply chain and labor market
Jennifer Nash, 6-13. Economic and Market Research Analyst at VettaFi, "NFIB Small Business Survey: Great Concern for Future Conditions," VettaFi, June 13, 2023. https://www.advisorperspectives.com/dshort/updates/2023/06/13/nfib-small-business-survey-great-concern-future-conditions
“Overall, small business owners are expressing concerns for future business conditions,” said Bill Dunkelberg, NFIB Chief Economist. “Supply chain disruptions and labor shortages will continue to limit the ability of many small firms to meet the demand for their products and services, while less severe than last year’s experience.” [Graph Omitted] NFIB Optimism components The first chart below highlights the 1986 baseline level of 100 and includes some labels to help us visualize that dramatic change in small-business sentiment that accompanied the Great Financial Crisis and now the COVID-19 pandemic. Compare, for example, the relative resilience of the index during the 2000-2003 collapse of the Tech Bubble with the far weaker readings following the Great Recession that ended in June 2009. A similar pattern happened beginning in 2019 and dropped drastically during the COVID-19 pandemic. Even after the bounce back, readings continue to drop.