Small business owners weigh in on how they are coping with current economy

Posted under: SMB
Date: 2024-03-18
Small business owners weigh in on how they are coping with current economy

Market reports show the U.S. economy is seeing strong job numbers and a waning inflation rate, but some small business owners said that they are still feeling the pinch. When Mia Sakai opened her Chicago bodega in December 2020, she had to deal with the pandemic, supply chain issues, and then rising costs of goods—costs that she passed on to her customers. Rising grocery store prices are one of the reasons why Americans are down on the economy, according to experts. Treasury Secretary Janet Yellen stressed that wages are finally catching up to rising prices. The typical American household is now spending $1,019 more every month on the same goods and services compared to three years ago, but wages are up an average of $1,072 per month during that time, offsetting the higher prices. Consumer confidence has slowly been rebounding since a low in June 2022, and Yellen suggested that the data shows a shift in the public's sentiment toward the economy.

Read more at: abcnews.go.com