Written by 4:16 pm Economics, Trending

Inflation might be closing more businesses

About 60% of businesses that have closed during the coronavirus pandemic will never reopen, and restaurants have suffered the most, according to new data from Yelp.

(The Center Square) – A new poll shows small businesses fear they will have to shut down within six months if inflation continues.  

The Alignable Small Business Inflation poll asked 5,268 businesses in May if they were concerned about inflation and over half said they fear they won’t be able to stay open over six months. 

Illinois was in line with the national average, with 49% of small business owners concerned over inflation-driven shutdowns. 

Many business owners said this is a more difficult time than the pandemic, researcher Chuck Casto said.

“In one of our polls we asked point blank, what has been more damaging for your business, inflation or COVID, and over 60% said inflation,” Casto said.

Restaurants are the most concerned sector of the economy. Of those asked, 72% said they were concerned about shutting down because of inflation this year. That was followed by beauty salons (65%) and gyms (63%).

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