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NFIB – Still Elevated Small Business Price Plans And Hiring Struggles

  • The only data of the day, NFIB small business optimism was as expected in October, falling from 92.1 to 91.3 (cons 91.4) although holding above the cycle low of 89.7 from June.
  • The balance of price changes over past three months cooled fractionally further but is still high with a net 50% increasing prices compared to three months ago, whilst a 3pt increase to a net 34% expected to increase prices over the next three months was the highest since July (vs +21% in 2019).
  • No further improvement in those not able to fill job positions, pausing at 46% which remains below the 6-mth av of 49% for the lowest since Jun’21 but is still elevated (vs 36% in 2019).

Source: NFIB

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