Small businesses grapple with inflation, labor shortage

Despite reasons to be optimistic about the U.S. economy — including easing inflation and unexpectedly high growth in the gross domestic product in late 2023 — small businesses report they are struggling.

Owners said they are still grappling with the effects of inflation and the workforce shortage, according to a survey conducted in January by the National Federation of Independent Business.

Small businesses drive almost half of U.S. economic activity, according to the U.S. Chamber of Commerce. But recent data indicate Americans are pulling back their spending, with retail sales falling more than expected in January, according to FactSet.

However, small businesses may feel optimistic once they experience more prolonged stable prices. American Express recently surveyed its small business customers, finding half of them planned to grow or expand their businesses this year.

Read more: CNN Business

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