Full Breakdown
New York Small-Business Confidence Slides Below Historic Average
By Drooid · · How we work
Core Event
In September, the National Federation of Independent Business (NFIB) reported that New York’s Small-Business Optimism Index fell to 97.9, slipping 0.8 points from August and dropping beneath the 52-year average of 98. The decline reflects heightened labor shortages, rising material costs, steep state taxes and higher interest rates on loans.
Data & Statistics
- The NFIB’s September survey gathered 411 responses from New York owners, an 8.2 % response rate out of 5,000 businesses surveyed nationally.
- The Uncertainty Index rose to 90, 22 points above its historical average of 68.
- Labor-related hiring problems were cited by 26 % of respondents, more than double the 12 % historical norm; 45 % reported few or no qualified applicants.
- Inflation emerged as the top concern for 20 % of owners, up four points from August and nearly three times the 7 % historical average.
- Pricing actions: 38 % of businesses raised prices in the prior three months, while 8 % cut them.
- The average interest rate on short-term business loans increased to 8.2 %, a 0.7-point rise from August.
- Only 7 % of owners considered September a good time to expand, down five points from August; 48 % said it was a bad time, and 31 % were unsure.
Official Statements & Responses
NFIB New York Director Ashley Ranslow emphasized that “labor challenges, higher costs, steep taxes, and rising interest rates continue to put pressure on New York’s small business owners.” The federation noted that while most firms still report “good” or “excellent” health, the combined pressures are amplifying market uncertainty and prompting many to defer expansion plans.
Verbatim Quotes
- “Labor challenges, higher costs, steep taxes, and rising interest rates continue to put pressure on New York’s small business owners,” — NFIB NY Director Ashley
The survey’s findings suggest that New York’s small-business sector faces a confluence of cost and workforce pressures that could translate into higher consumer prices and restrained growth throughout the remainder of the year.