Inflation
The biggest challenge for small business in 2023 is inflation.
According to the report commissioned by Met LIfe and the U.S Chamber of Commerce Small Business Index, inflation remains the top concern for small business in almost all sectors.
These charts reflect the changes in November, 2022 sales by Sector.
What is beginning to occur? The shift in spending to Services. That incudes tourism, Dining Out, and Entertainment. Vegas is busy.
That shift changes the demand for trucking which has dropped about 1/3 since Maarch. That has hit new small trucking companies hard.
The number of imported containers reaching the Port of Los Angeles has been below last years numbers for 7 straight weeks. The number of container ships loitering offshore from the pandemic backlog numbered 25 last week, down from 109 in January.
Analysts predict a leveling off for goods and an adjustment in services.
Stay tuned . . .