Most small businesses plan to avoid new investments as they see the nation’s economy weakening and inflation sapping their profits, the Chamber of Commerce reported Wednesday.
Only 20% of small business owners surveyed in the first quarter said the economy is in good health, down from 27% last quarter, the business lobbying groupAnd just 38% plan to increase investment over the next year, compared to 47% at the end of last year, according to the quarterly MetLife/Chamber of Commerce Small Business Index.
The index found their overall sentiment toward the economy remains well below pre-pandemic levels and has started to slide again after stabilizing briefly at the end of last year. Owner Hrag Kalebjian noted that the annual increase in the Consumer Price Index on July 1 will trigger an increase in the city’s minimum wage for hourly workers from $16.99 to $18.07, or 6.36%.
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