- Poll from CNBC and Momentive finds that supply costs are a more common issue facing small businesses than wage pressures
- Seven in 10 respondents said they’re encountering higher prices for supplies, with nearly one in four increasing their own prices
- Forty-one percent said they are experiencing higher wage costs
Summary by Dirk Langeveld
Although much attention has been given to the challenges small businesses are encountering in finding candidates for open positions, a new poll from CNBC and Momentive finds that higher supply costs are a more common concern.
The survey of more than 2,000 business owners, issued in late July and early August, found that seven in 10 respondents were facing increased prices for their supplies. Thirty-nine percent said they have increased their own prices, while 38 percent said they will likely do so if supply challenges continue.
Half of all respondents in the CNBC and Momentive poll said it has gotten harder to find qualified people to hire compared to a year ago, and 41 percent say they’re experiencing higher wage costs as they increase salaries in a bid to attract candidates. Eighty-six percent of those who said their wage costs have gone up said they are also experiencing higher supply costs.
Read the full results of the survey here.