Oil Price Spike Erodes Small Business Confidence

Small business optimism has fallen below its 52-year average for the first time in a year, according to the National Federation of Independent Business (NFIB). The index dropped 3.0 points in March to 95.8. This decline is primarily attributed to the ongoing conflict in Iran and the resulting sharp increase in oil prices, which is impacting operational costs and future outlooks for many small enterprises. The situation suggests growing economic uncertainty and potential headwinds for the small business sector as inflationary pressures mount.