The Small Business Optimism Index slipped approximately half a point (0.6 points) in May, its third consecutive monthly decline. The Employment Index remained essentially flat, though that’s not the whole employment picture. Beneath those two quiet Indexes are trends pulling small businesses into uncomfortable areas: price increases — both actual and planned — are back to 2022-2023 levels and employment, with unfilled job openings and hiring plans falling to levels last seen in May 2020. Holly Wade and Peter Hansen discuss whether these are early "stress fractures" or a single monthly decline.  

Learn more about the May Small Business Economic Trends report and small business expectations.  

Other highlights include: 

• Inflation back to 2022-2023 territory (1:51) 
• Why the flat Employment Index hides a lot (5:09) 
• Labor quality concerns fall to 2016 levels (7:34) 
• Unfavorable historical comparisons are back (9:50) 
• Capital investment plans at record lows (12:08) 
• Supply chain disruptions creeping back (17:57) 
• What to watch for in the June data (20:20)