The NFIB Small Business Optimism Index increased 0.5 points in January to 90.3, remaining below the 49-year average of 98. Down six points from last month, 26% of owners reported inflation was their single most important problem in operating their business. Owners expecting better business conditions over the next six months improved six points from December to a net negative 45%.

“While inflation is starting to ease for small businesses, owners remain cynical about future business conditions,” said NFIB Chief Economist Bill Dunkelberg. “Owners have a negative outlook on the small business economy but continue to try to fill open positions and return to a full staff to improve productivity.”

State-specific data is unavailable, but NFIB State Director Jerrod Shouse said: “Inflation, made worse by the labor shortage, continues to wreak havoc for small businesses. It’s incumbent on the Legislature to stabilize our economic recovery, so small business owners can do what they do best: meet their customers’ needs and create good-paying jobs for Oklahomans.”

Key findings include: Forty-five percent of owners reported job openings that were hard to fill, up four points from December, remaining historically very high.

The net percent of owners raising average selling prices decreased one point to a net 42% seasonally adjusted, too high for 2% target.

The net percent of owners who expect real sales to be higher worsened four points from December to a net negative 14%.

As reported in NFIB’s monthly jobs report, 57% of owners reported hiring or trying to hire in January. Of those hiring or trying to hire, 91% of owners reported few or no qualified applicants for the positions they were trying to fill.

About NFIB: For nearly 80 years, NFIB has been the voice of small business, advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit www. NFIB.com.