Montana Small Business Owners Brace For Economic Uncertainty

Small business owners across Montana and the country are feeling a little more cautious heading into the fall.

According to the National Federation of Independent Business's latest monthly survey, the group's Small Business Optimism Index slipped slightly in September, landing just below its 52-year historical average. At the same time, business uncertainty ticked upward.

It's not just the economy, but finding help

For the third straight month, finding qualified workers ranked as the single biggest headache for employers, followed closely by ongoing concerns over inflation and rising costs. NFIB reports that only 7% of owners currently feel it is a good time to expand, based on the nationwide survey.

That problem is continuing. In September, a "seasonally adjusted" 32% of business owners reported job openings they could not fill, down 3 points from August but remaining 8 points above the historical average.

But overall, slow economy is a concern too

The survey also found that the second top issue for businesses was inflation. 20% of those surveyed reported it was their biggest problem right now.

Poor sales and taxes are tied as the third most important problem among small business owners.

Here in the Treasure State, NFIB Montana State Director Ronda Wiggers says the numbers reflect broad economic uncertainty, but notes the state would do well to keep sticking with pro-small-business policies as lawmakers prepare for the upcoming legislative session following the November election.

“The latest Optimism Index report is not a great one, but given all the economic uncertainty out there, it’s not surprising," Wiggins said in a statement. "What is clear is that Montana will do well to stick to its pro-small-business policies.

"We’ll all get a better sense of where things are headed and what the next session of Montana Legislature should do or, equally importantly, not do after the election.”