Tuesday, June 28, 2022
80.9 F
Oxnard
More

    Latest Posts

    United States Socialist Republic book by HG Goerner

    Small Businesses Fear Rising Inflation, Consider Shutting Down In Droves

    Sponsored - Job Posting

    We are a small but mighty business in Ventura, CA specializing in Civil/Agricultural Engineering and Land Surveying. Going strong for over 35 years. Looking for motivated team players for immediate hire. Candidates must have at least 3 years of experience in Civil Engineering, Land Surveying, and AutoCAD Civil 3D. Must want to grow with the company. For the right person, management potential. Wages will depend on experience. Benefits include paid holidays, matching retirement plan & much more. Send resumes to: [email protected]

    YCE, Inc. is an Equal Opportunity Employer. Tel: 805-650-6995www.YCEinc.com

    The Center Square

    By 

    (The Center Square) – The small business network Alignable released its small business inflation poll Monday, which found small businesses are very worried about rising inflation and its effect on the economy.

    According to the survey, 51% of small businesses fear that inflation could “force them to close their businesses within the next six months.” Restaurant owners in particular are concerned with 72% saying they are worried.

    Overall, only 21% of small business owners say they are “not at all concerned” about potentially having to shut down their businesses this year because of inflation.

    “The all items index increased 8.3 percent for the 12 months ending April, a smaller increase than the 8.5-percent figure for the period ending in March,” BLS said. “The all items less food and energy index rose 6.2 percent over the last 12 months. The energy index rose 30.3 percent over the last year, and the food index increased 9.4 percent, the largest 12-month increase since the period ending April 1981.”

    The concern over inflation varies by state, with 58% of small businesses in Maryland, and 57% in Connecticut and Tennessee saying they are worried about shutting down, the three highest states.

    Notably, the poll found “49% say their costs have increased by more than 25%, but only 16% are able to pass those expenses onto customers.”

    This poll comes after an earlier poll in April found a significant number of small businesses have considered shutting their doors in the past year because of inflation.

    “According to a new survey by NEXT Insurance, small business owners across the United States are frustrated and stressed about inflation and the state of the economy,” the group said. “More than one-third have considered shutting down in the last 12 months. As prices continue to rise and supply chains continue to falter, many small business owners have been forced to work longer hours, raise prices, and even cut their own salaries just to stay afloat, our survey found. And a majority of small business owners believe the pain isn’t over.”

    Those higher gas prices make everything more expensive for small businesses, whether it is traveling between clients, delivering goods to market, or paying consumer delivery costs. For many employers, time is running out.

    Monday’s Alignable poll found “37% have only one month or less of cash reserves.”

    D.C. Bureau Reporter

    Casey Harper is a Senior Reporter for the Washington, D.C. Bureau. He previously worked for The Daily Caller, The Hill, and Sinclair Broadcast Group. A graduate of Hillsdale College, Casey’s work has also appeared in Fox News, Fox Business, and USA Today.

    SOURCE


    TELL YOUR FRIENDS ABOUT CITIZENS JOURNAL  Help keep us publishing –PLEASE DONATE

    - Advertisement -
    0 0 votes
    Article Rating
    Subscribe
    Notify of
    guest
    0 Comments
    Inline Feedbacks
    View all comments

    Latest Posts

    advertisement

    Don't Miss

    Subscribe

    To receive the news in your inbox