Small businesses were more optimistic on a “surge in capital spending and high sales expectations,” according to the National Federation of Independent Business' monthly Small Business Optimism index.

The index rose 0.1-point in August to 105.3.

"This is a sign of economic health that we’ve been expecting based on the soaring optimism that began last year," said NFIB President and CEO Juanita Duggan. "Higher optimism resulted first in higher employment activity, and now we’re seeing more small business owners making capital investments."

Half of the 10 index components improved.

"Small firms are now making long-term investments in new machines, equipment, facilities, and technology," said NFIB Chief Economist Bill Dunkelberg. "That’s a real sign of strength, and it will be interesting to see if the August result becomes a trend."

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.