Inflation falls in July but small businesses still struggle with rent, despite high consumer demand and record hiring

SALISBURY, Md. –  The month of July saw the first dip in inflation in nearly half a year falling down to 8.5 percent in July from 9.1 percent in June.

But while the White House is celebrating the achievement, Salisbury Chamber of Commerce President Bill Chambers says the future for small businesses is still looking like a mixed bag, with positive and negative indicators to point to.

He tells us hiring is at a record high, despite efforts from the Fed to slow down the economy with interest rates, which is a plus for businesses in the short term, but despite that up to a third in Salisbury are still behind on rent.

“We are still in a tough situation with tenants making payments it is better than it was in June, but for this number of inflation, we thought that with recession fears we would see lots of closures and we are not seeing that,” he said.

He says consumer demand is staying strong, which is why inflation is staying high, but so are prices for businesses so while many are squeezed, many are still sticking around.

“Things are chugging along locally but again it’s a global economy so as we see more shutdowns and disruptions abroad and with hurricane season it all connects and it will be impacting us,” he said.