According to a recent survey conducted by the National Federation of Independent Business (NFIB), small business owners experienced a decline in optimism during August. NFIB Chief Economist Bill Dunkelberg joins to discuss the current sentiment among small business owners.

Dunkelberg reports that the small business optimism index has remained relatively stable at around 91 throughout the year. However, he points out that this figure is significantly below the 50-year average of 98, suggesting that the economy may be in a recessionary period. The main factors currently impacting businesses include inflation, labor quality, taxes, and labor costs.

With the US presidential election less than two months away, Dunkelberg notes that this has led to increased uncertainty among small business owners. "Uncertainty is the enemy of economic progress. People who are uncertain about the future don't spend money and don't hire, so that's the issue that we have," he explains to Yahoo Finance.

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This post was written by Angel Smith