Top Stories
Small business optimism balances out after strong summer
Small business optimism continued to decline throughout September, according to the National Federation of Independent Business (NFIB). The Small Business Optimism Index, a survey used to analyze trends in the experiences of U.S. entrepreneurs, recorded a marginal decline in September, causing the score to rest at 90.8. In comparison, the index’s average score is 98, a number that the NFIB says it has not seen since 2021. Although optimism improved in July, September marks the second consecutive month of declines. Bill Dunkelberg, chief NFIB economist, attributed the decline in small business optimism to increased uncertainty around the economy’s health. Read More
What SMBs need to know about LinkedIn’s new AI tools
LinkedIn unveiled a slew of new AI features across its job-hunting, marketing, and sales tools to stay ahead of the business realm’s issues while keeping its nearly 1 billion users engaged on its platform. They include a significant update to its Recruiter talent sourcing platform, with AI assistance built into it throughout, an AI-powered LinkedIn Learning coach, and a new AI-powered tool for marketing campaigns. The social platform has gradually integrated various AI-based capabilities into its product line. Among these, in March, it unveiled AI-powered writing recommendations for those using the site to compose messages to other users. Additionally, this year has seen several tests using AI-generated job descriptions and other features, which recruiters have also noticed. Read More
Overall inflation outpaces forecasts but stabilizes across key metrics
Overall inflation grew faster than expected in September in the U.S. but showed signs of recovery across several metrics critical to the Federal Reserve’s decision-making. According to the Consumer Price Index (CPI), costs of goods and services rose at a rate of 3.7% between September 2022 and September 2023 and 0.4% from August 2023. Both numbers were 0.1% ahead of forecasts for the two periods, stoking concerns about the economy’s health. Rising rental costs contributed heavily to the growth in overall inflation, although analysts expect to see the market balance in the coming months. Read More
Improving insurance literacy among underinsured small businesses
A majority of small businesses in the U.S. are underinsured, according to a new study by global specialist insurance provider Hiscox. The most common insurance type reported by participants was general liability coverage, followed by property insurance, compensation insurance and professional liability insurance. Only 65% of respondents said they owned general liability coverage, which the study notes is a “foundational coverage that nearly every business, no matter how small, should have.” Hiscox also claims that 75% of the small business owners participating in the survey were underinsured as of this July, although the company does not provide a methodology for how this number was ascertained. Read More
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