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<p>The NFIB Small Business Optimism Index unexpectedly declined by -2.8 points to a reading of 99.7 as economic expectations retreated in July.  Rising costs and labor shortages also contributed to last month’s decline as both continue to negatively impact profitability. </p>
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<p>The percentage of small businesses with job openings is at the highest level in the survey’s 35-year history, in part because 93% of those with openings reported having few or no qualified applicants.  As a result, small businesses are planning to raise compensation at a record pace to attract qualified employees (see graph below). </p>
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