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The National Federation of Independent Business (NFIB) released its October survey of small business owners today. They remain pessimistic about the general business outlook. They are still struggling to find workers and to keep them. In any event, their labor costs are rising rapidly and forcing them to raise their prices. They've been sucked into the economy's wage-price spiral.
During October, 32% of small business owners said that they are planning to raise worker compensation (chart). That's up sharply from 23% during September. Also in the October NFIB survey, 34% said they are planning on raising their average selling prices.
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