(NFIB) Concerns of rising inflation dragged the US Small Business Optimism down by 2.4 points to 93.2 in March.
The March decline is the third straight month of fall, with the index remaining below the 48-year average of 98.
Small business owners cited inflation as their single most critical problem. 31% of small businesses mentioned inflation, an increase of 5 points from February and the biggest share since 1981.
A share of small business owners hiking the average selling prices rose by 4 points to a record high of 72% in March. Half of the business owners expect to raise prices, an increase of 4% from February.
About 41% of small business owners reported vacancies they could not fill, a decline of 1 point from February but above the series average of 23%. 22% of firms said the labor quality was a top concern, the same as in February.
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