Small business concerns about closing has risen 12% since last summer.
Posted BY: Just The News
Nearly half of American small business owners say they are at risk of closing down this fall, according to new survey data.
The small business network Alignable released the survey, which found that “47% of small business owners … say their businesses are at risk of closing by fall 2022, unless economic conditions improve significantly.”
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“That’s up 12 percentage points from last summer, when only 35% were concerned about economic issues forcing them to shut down,” Alignable said. “And SMBs in key industries face even bigger problems: 59% of retailers are at risk, along with 52% in construction, 51% in the automotive sector, and 50% of restaurant owners.”
Those tough economic conditions include soaring inflation. The U.S. Bureau of Labor Statistics released inflation data last week showing consumer prices rose 9.1% in the previous 12 months, the highest in more than four decades, and the BLS Producer Price Index rose 11.3%, nearly the highest ever recorded.