U.S. small-businesses owners are deeply pessimistic about economy, as inflation, higher borrowing rates, and a tight labor market weighed on their outlook last month.
The National Federation of Independent Business’s (NFIB) optimism index, in a report on April 11. fell to 90.1 in March from 90.9 in February.
This marks the fifteenth consecutive month below the 49-year average of 98.
“Small-business owners are cynical about future economic conditions,” said NFIB chief economist Bill Dunkelberg in the report.
“Hiring plans fell to their lowest level since May 2020, but strong consumer spending has kept Main Street alive and supported strong labor demand.
Loans Becoming Difficult to Get From Banks
Economists warned that the collapse of both Silicon Valley Bank and Signature Bank, which roiled the financial system, would cause lending standards to become more heavily restricted….