Aloha State News

The National Federation of Independent Business (NFIB) has released its 50th anniversary issue of the Small Business Economic Trends (SBET) report. The report indicates that small business owners are not in a celebratory mood, as they continue to face challenges.

NFIB Chief Economist Bill Dunkelberg commented on the current state of small businesses, stating, "The October data shows that small businesses are still recovering, and owners are not optimistic about better business conditions. Small business owners are not growing their inventories as labor and energy costs are not falling, making it a gloomy outlook for the remainder of the year."

Michael Iosua, Hawaii's state director for NFIB, emphasized the need for legislative caution. He said, "Given tough circumstances small businesses have endured this year, we hope that the State will be careful to avoid any further negative impacts next legislative session. More importantly, however, Congress needs to make the Small Business Deduction permanent and not let it expire, which it’s scheduled to in 2025."

Key findings from the SBET report include:

- Twenty-two percent of owners identified inflation as their most significant challenge.

- Expectations for improved business conditions over the next six months remain unchanged at a net negative 43%.

- Forty-three percent reported difficulties in filling job openings.

- A net 24% plan to raise compensation within three months.

The SBET report is recognized as a crucial indicator of America's small business economy. It is utilized by various governmental bodies and offers insights into Main Street enterprises' health and welfare.

For more information on Hawaii's small-business news or updates from NFIB Hawaii, visit nfib.com/hawaii or follow them on Twitter @NFIB_HI.