In one significant way, the politics of small-business owners are similar to those of the vast majority of Americans: they have become hyperpartisan. However, President Joe Biden’s approval ratings among entrepreneurs drop to an all time low while Main Street confidence rises back to its lowest point since the beginning of Biden’s presidency in 2021.

All the latest CNBC|Momentive Small Business SurveyThe data shows that small businesses are less confident and Biden is not as popular. Respondents who identified themselves as independents were most responsible. Inflation concerns had a significant influence on the data.

The survey shows that while concerns about the labour shortage are still high, more small-business owners are facing higher prices and disruptions to their supply chains. 75% of respondents said they were experiencing higher supply cost, up 70% from the third quarter. 58% reported experiencing disruptions in their supply chains, an increase from 55%.

With 34% of owners of small businesses citing inflation as their biggest concern, it is followed by disruptions to supply chains (23%) or Covid (17%). Momentive conducted the survey between November 10-16th, 2021 with 2,078 small-business owners. This was prior to news about the omicron.

Momentive data is comparable to other polling.|Momentive survey is consistent with other recent surveys from the small business community.

According to the National Federation of Independent Business, labor worries remain elevated in monthly surveys. However, they have not increased in severity in line with supply chain or pricing concerns.

NFIB Covid’s latest survey, conducted in October, found that small business owners are more concerned about supply chain. Holly Wade (NFIB executive director for research) stated that there is no end in sight. She said owners are trying to find ways to improve their supply chain and increase prices while still remaining competitive. She said, “It is a lot of stress.”

Although consumer spending continues to be strong, it is becoming more challenging for small businesses to capture this spending. The supply chain as well as labor shortages have a significant impact on sales opportunities. Wade stated that it was a major problem, and extremely frustrating.

The late October survey found that 19% said their business had suffered sales losses due to the supply chain. NFIB received a majority of the small business owners (69%) who said they had increased average selling prices or hired costs. Over a third stated that they raised their prices more than 10%. Wade reports that just 30% of small-business owners don’t know when prices will return to their “normal” level. She said, “That’s quite a bit of uncertainty.”

Wronski stated that inflation is currently the most pressing question in the economy. Wronski said that it is difficult to predict what the next step will be in price hikes. Small business owners who continue to raise prices will be forced to make the consumer pay for it in a way they’ve avoided. But, if they raise their own prices too early — faster than their competitors — they’ll lose customers.”

Although the NFIB optimism index is still close to the long-term historic average (48), some indicators in the index are now more negative. These include views regarding business conditions for the next six months. It is at an all-time high among small business owners who believe that business conditions are likely to worsen. Wade explained that it is an all-pervasive feeling. Inflation doesn’t feel permanent and is often frustrating.

According to Gallup, Biden’s approval rating has fallen to 42% since summer. These causes are pre-dated inflation worries. Covid’s persistent nature and withdrawal from Afghanistan combined to bring it down to September, which is the lowest point it’s been at. It has never recovered. According to Gallup’s senior editor Jeff Jones, inflation was likely the reason Biden’s approval rating remained low despite Afghanistan becoming less prominent.

Jones stated that while we don’t know whether inflation has a greater impact than Afghanistan but this all supports a narrative about a less competent government. It hasn’t rebounded, and inflation is still a larger issue.”

Like the CNBC survey Jones stated that almost all of the Gallup movement is from independents. This is important because Biden’s administration started with high support from this group. Gallup revealed that although they weren’t passionate supporters of Trump at all, independents had been supportive of Biden from the start of his term. support now droppingFrom 61% to 37%

Jones stated that Biden should be concerned about it because it is the largest political bloc in the country. Jones noted that 25%-28% Americans identify themselves as Republicans, 28%-31% are Democrats, and 40% as Independents.

Jones stated that “Going 61% to 37% represents a very large drop among the largest number of voters” and said that it may also have been evident in recent Governor races in New Jersey or Virginia.

Even amid a strong economy featuring a record stock market and high GDP, it is prices at the gas pump — and coverage of that by the media — which tend to influence public perception more.

Jones explained that “Inflation and associated with that, gasoline prices, these are things people notice. And historically, it’s hard for a president have a high approval rating when gas costs are high.”

Higher gas prices were associated with some of the lowest approval ratings for Presidents Jimmy Carter and George Herbert Walker Bush.

Jones explained that while inflation is not as powerful as historically in the current political climate, it still has an impact on the economy and stock markets. He said that partisanship could play a greater role in a situation such as this, where there are mixed economic data, and it is possible to argue both ways, and that what you hear emphasized may be more important.

Another Gallup question asks about inflation. The question asked Americans their views on inflation. the most important problem,Jones explained that it was an open question and inflation reached 7%. That is too high for an open ended question. Jones said that you must be able to speak from the heart.

Covid and the government remain No. 1. and No. There were 2 answers to the question. Inflation is now between 1% to 2% in September and August, respectively, which remains below Gallup’s historical polling during higher prices. Jones stated that inflation could rise in the coming months, if it persists.