Jun 29, 2022 - Economy

For small biz owners, inflation worries overtake COVID

Inflation worries are soaring among small business owners, overtaking COVID-19 as a top concern. But overall, these folks say that business is good right now, according to a survey of small business owners released Wednesday by the U.S. Chamber of Commerce.

Why it matters: Once upon a time, COVID-19 seemed to pose an existential risk to the nation's small businesses. Now, the pandemic is in the rear view, and overall sentiment for these entrepreneurs is closing in on pre-COVID levels.

  • The survey showed that owners are seeing relatively good business conditions. Two-thirds of small business owners surveyed anticipate revenue going up over the next year.
  • And 43% intend to hire more staff — that's actually up from 37% who said so during Q1 2022.
  • Still, many are worried about the overall economy. After all, most haven't lived through a time of rising prices like this.

"We're kind of in this weird moment," said Neil Bradley, executive vice-president and chief policy officer at the Chamber of Commerce. "Inflation has become the dominant concern, but today in this very moment demand for goods and services for small business is exceeding the levels that most businesses can even meet."

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