Small Business Snapshot, October 2023 (October 26, 2023)

Summary

A Small Business Snapshot for October 2023, dated October 26, 2023. It states that the Consumer Price Index data showed the inflation rate at 3.7 percent year over year, the same level as last month. It says 43 percent of small business owners were unable to fill open positions and that the NFIB Small Business Optimism Index decreased 0.5 points. It also reports 336,000 jobs created in September, an unemployment rate unchanged at 3.8 percent and a Producer Price Index increase of 2.2 percent year over year.

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SMALL BUSINESS SNAPSHOT
Source(print): https://smallbusiness.house.gov/news/documentprint.aspx?DocumentID=405773

SMALL BUSINESS SNAPSHOT 

 smallbusiness.house.gov 

 Cmte Small Business (R) 

 Contact: 

 SMALL BUSINESS SNAPSHOT 

 October 2023 

 Washington ,
 October 26, 2023 
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 In the month of October, inflation remains a top issue small business owners are facing. The Consumer Price Index (CPI) data, released earlier this month, showed the inflation rate is currently sitting at 3.7 percent year over year, at the same level as last month. Core CPI, which excludes the more volatile measurements of food and energy, increased 0.3 percent. Inflation and labor were tied as the top issues small business owners are facing with 43 percent unable to fill open positions. The National Federation of Independent Business (NFIB) monthly Small Business Optimism Index decreased 0.5 points, marking the 21 st straight month below the 48-year average of 98 percent. Inflationary pressures continue to hurt small businesses with a year over year increase in the Producer Price Index of 2.2 percent, the largest increase since rising 2.3 percent in April. Meanwhile, future business outlooks are declining, with a net negative of 41 percent of small business owners expecting better business conditions over the next six months, down six percent from last month. Despite hopes of lessening inflation, Main Street America continues to be weighed down by rising prices while also facing tighter access to credit, as lenders continue to become more selective. 
 The below October 2023 Small Business Snapshot features numbers and updates to provide more insight into the current small business economy. 
 MAIN STREET MEASUREMENTS: 
 CONSUMER PRICE INDEX (INFLATION) 
 
 The prices consumers paid for goods and services increased 0.4 percent in September as compared to August and totaled a 3.7 percent increase when measured over the last 12 months. 
 
 PRODUCER PRICE INDEX 
 
 Wholesale prices increased 0.5 percent in September and had an increase of 2.2 percent year over year. 
 
 JOB OPENINGS 
 
 At the end of August, businesses were unable to fill 9.6 million jobs, 3.6 million workers quit their jobs, and the number of layoffs and discharges changed little. 
 
 UNEMPLOYMENT RATE 
 
 336,000 jobs were created in September, and the unemployment rate was unchanged at 3.8 percent . 
 
 LABOR FORCE PARTICIPATION RATE 
 
 The labor force participation rate remained unchanged at 62.8 percent in September. 
 
 UNEMPLOYMENT INSURANCE WEEKLY CLAIMS 
 
 October 7, 2023, the Department of Labor reported that initial unemployment claims were 209,000, unchanged from the previous week’s level. 

 The 4-week moving average of initial claims totaled 206,250, a decrease of 3,000 from the previous week’s average. 

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