US small-business confidence edged down in September, the National Federation of
Independent Business said, with its small-business optimism index falling 0.8
point to 97.9, slightly below its 52-year average. The NFIB said Federal Reserve
rate hikes have raised borrowing costs and restrained business borrowing. NFIB
chief economist Bill Dunkelberg said owners are taking a cautious stance amid
rising costs, higher rates and difficulty finding qualified workers. Seasonally
adjusted, the net percent reporting nominal sales higher over the past three
months was -8%. About 26% of respondents cited labor quality or supply as their
top problem and 20% cited inflation.
