A measure of optimism among small business owners remains unchanged as concerns persist over inflation and labor shortages.

The National Federation of Independent Business reported its Small Business Optimism Index held steady at 93.2 in April. The index has remained below its 48-year average reading of 98 for four straight months.

“Small business owners are struggling to deal with inflation pressures,” said Bill Dunkelberg, chief economist of the NFIB. “The labor supply is not responding strongly to small businesses’ high wage offers, and the impact of inflation has significantly disrupted business operations.”

The small business advocacy group bases the index on the results of monthly surveys of members, most of them small business owners. Five of 10 components of the index retreated between March and April while two advanced and three remained unchanged.

The proportion of NFIB members who responded to the survey upon which the April index was based who expect the economy to improve over the next six months fell a point. At a net negative 50 percent, the lowest level ever for the index, more respondents anticipated worsening conditions.

A net 27 percent of respondents reported plans for capital outlays in coming months, up a point. Only a net 4 percent said they consider now a good time to expand, down two points.

A net 20 percent of respondents reported plans to increase staffing, unchanged from March. Meanwhile, 47 percent reported unfilled job openings, also unchanged.

Asked to identify their most important business problem, 32 percent cited inflation. That’s up 26 points from a year ago to the highest level since 1980. Another 23 percent cited the quality of labor as their most pressing problem.

A net 70 percent reported raising average sales prices, two points below a record level in March. A net 46 percent reported raising compensation, down three points. A net 27 percent plan to raise compensation in the next three months.

The proportion of survey respondents who said they expect higher sales volume rose six points. But at a net negative 12 percent, more anticipated lower volume.

The share of those reporting higher earnings remained unchanged. But at a net negative 17 percent, more respondents reported lower earnings. Among those who did, 34 percent blamed rising materials costs and 22 percent cited weaker sales.

A net 1 percent of respondent reported plans to increase inventories, down a point. A net 6 percent said existing inventories were too low, down three points.

Meanwhile, 36 percent of those who responded to the survey said supply chain disruptions have had significant effects on their businesses and 34 percent reported moderate effects.