The Biden White House has been struggling to get the American public to buy into its positive spin on the economy, which it has dubbed Bidenomics. On Tuesday, a survey of small businesses indicated why that is such a hard sell.
The Biden White House has been struggling to get the American public to buy into its positive spin on the economy, which it has dubbedSmall business owners have a “dismal” outlook about sales growth and business conditions, said Bill Dunkelberg, the chief economist at the National Federation of Independent Business. The NFIB’s small business optimism index came in at 91.9 for July, up 0.9 points from the prior month but well below the index’s 49-year average of 98.
The net percent of owners raising average selling prices dropped to a net 25 percent, the lowest since January 2021 but still high by historical measures. Fourteen percent said their average selling prices were lower and 40 percent said they were high. The NFIB said price hikes were most common in finance, retail, wholesale, and construction. A net 27 percent said they are planning on hiking prices in the future.
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