By Ovunc Kutlu
ISTANBUL (AA) - Optimism among small businesses in the US declined in March to its lowest level in more than 11 years, according to a report released Tuesday.
The National Federation of Independent Business (NFIB) said in a report that its Small Business Optimism Index decreased by 0.9 points in March to 88.5 – the lowest level since December 2012.
While the index came in slightly lower than market estimates of 88.8, it stood at 89.4 in February.
The recent figure also marked the 27th consecutive month below the 50-year average of 98.
"Small business optimism has reached the lowest level since 2012 as owners continue to manage numerous economic headwinds," NFIB Chief Economist Bill Dunkelberg said in a statement. "Inflation has once again been reported as the top business problem on Main Street and the labor market has only eased slightly."
While 25% of small business owners reported that inflation was their single most important problem in operating their businesses, 56% of owners reported capital outlays in the last six months, according to the report.
The index provides an indication of the health of small businesses in the US, which account of approximately 50% of the nation's private workforce.