Just like consumers, small businesses are battling inflation
Nick Reisman reports at New York State of Politics that a survey released July 12 by the National Federation of Independent Business says that inflation is the number one concern of New York's small business owners. “Small businesses continue to face severe economic headwinds with unrelenting inflation, supply chain disruptions, and labor shortages driving expectations for better business conditions to a record low,” said NFIB’s New York State Director Ashley Ranslow. “It is imperative that New York State does everything it can to alleviate the strain small businesses are under by taking steps to address the state’s $8 billion outstanding federal Unemployment Insurance debt and reject legislation that increases workers’ compensation premiums. Now is the time to reduce costs and hold the line on any proposals that make it more difficult for Main Street businesses.” In the survey, 34 percent of business owners reported inflation as they main issue their business faces. Low inventory and higher costs mean more businesses are increasing their prices, although some claim businesses are profiting on the post-pandemic economic conditions. Read more about this story at New York State of Politics.