NFIB West Virginia State Director Gil White recently spoke on WAJR’s Talk of the Town in Morgantown, addressing the latest Small Business Optimism Index and the current state of the small business economy.
The January report revealed a 2.3-point decline in NFIB’s Small Business Optimism Index, now at 102.8, yet it remains above the 51-year average of 98. The Uncertainty Index increased by 14 points to 100, marking the third-highest recorded reading following two months of decline.
White noted that West Virginia is experiencing similar issues as other parts of the U.S., stating, “I can tell you that we’re experiencing those same issues in West Virginia (as we are in the rest of the U.S.). And I hear from small business owners on a frequent basis expressing those concerns.”
Inflation emerged as a primary concern for business owners, with eighteen percent identifying it as their most significant problem, down two points from December and equaling labor quality as a top issue. This level was last observed in November 2021.
White highlighted ongoing challenges in West Virginia’s job market: “We’re still faced with a very challenging job market in the state of West Virginia, and that in itself, I believe, started through COVID, and we have never really recovered.” He further commented on inflation’s impact on small businesses: “The inflation numbers are still very concerning and cause problems when you’re a small business owner. And if your net profits are marginal and inflation certainly takes a chunk out of that.”
