Small business owners across the United States are struggling with losses, with overall profits slightly declining from July 2021 and July 2022, according to Kabbage from American Express’s Small Business Recovery Report.
Battling supply chain shortages, rising prices, and pandemic-related lockdowns, small business owners have barely been managing to survive in the last two and a half years.
“The small business economy is still recovering from the pandemic while inflation continues to be a serious problem for owners across the nation,” said NFIB Chief Economist Bill Dunkelberg.
“Owners are managing the rising costs of utilities, fuel, labor, supplies, materials, rent, and inventory to protect their earnings. The worker shortage is impacting small business productivity as owners raise compensation to attract better workers.”…