Small Businesses Face Declining Profits Amid Rising Gas and Shipping Costs
Rising gas prices, along with increased shipping costs, have led to a decline in small business profitability. According to Bank of America data, gasoline spending by small businesses surged nearly 31% year-over-year in April, while overall profits dropped 1.3%. The National Federation of Independent Business also reported declining optimism among small business owners.
Topics: consumer spending gas prices profitability decline shipping costs