NEW YORK — (AP) — Small business owners are growing more uncertain about the economy ahead of the presidential election and are reining in spending, according to a new survey.
The National Federation of Independent Business optimism index edged up 0.3 points in September to 91.5. But the uncertainty index rose 11 points to 103, the highest ever recorded.
While inflation is cooling and the pace of hiring appears solid enough to support a growing economy, small business owners till have a tougher time than bigger businesses holding onto workers and dealing with rent and other costs.
“Small business owners are feeling more uncertain than ever,” said NFIB Chief Economist Bill Dunkelberg. “Uncertainty makes owners hesitant to invest in capital spending and inventory, especially as inflation and financing costs continue to put pressure on their bottom lines.”
As they face uncertainty, small business owners are spending less. The net percent of owners reporting inventory gains fell four points to a …