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A person shops for vegetables at a market in Manhattan, New York City, U.S., March 28, 2022. REUTERS
(Ovichnews USA) - According to a recent survey, small-business confidence in the United States saw a notable uptick in May, reaching the highest levels of the year, buoyed by improved hiring plans. However, concerns around the upcoming U.S. presidential election have driven uncertainty to nearly a four-year high.
The National Federation of Independent Business (NFIB) reported that its Small Business Optimism Index rose by eight-tenths of a point to 90.5 last month, marking the second consecutive increase following a slump in March to the lowest level since December 2012. Despite the improvement, the index has remained below the 50-year average of 98 for the 29th consecutive month. The NFIB's Uncertainty Index also surged, climbing nine points to 85, the highest level since November 2020, coinciding with the previous presidential election. Concerns over inflation ranked high among small business owners, with 22% identifying it as their primary operational challenge, in line with April figures. Additionally, the proportion of businesses planning price hikes rose by two points to 28%. While small businesses have faced pressures from persistent inflation and elevated borrowing costs, there were indications that owners may be easing back on wage increases. The survey revealed a slight decline in the net percentage of owners reporting higher compensation, indicating potential moderation in wage growth intentions for the coming months. The Federal Reserve, which has been proactively addressing inflation concerns, is expected to maintain its benchmark interest rate within the current 5.25%-5.50% range. The central bank's actions to curb inflation, including multiple rate hikes since March 2022, are reflective of its commitment to stabilizing prices. Bill Dunkelberg, NFIB's chief economist, underscored the prolonged period of subdued optimism among small business owners, citing ongoing worries about future business conditions and the prevailing inflationary environment as key concerns. Despite signs of economic resilience, inflationary pressures continue to weigh on sentiment, prompting cautious optimism among small business stakeholders. As the job market demonstrates steady growth and inflation remains elevated, financial markets are adjusting expectations regarding potential easing measures by the Fed, with deliberations centered on the timing of policy adjustments in response to evolving economic conditions.
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