Small business optimism dips in Oct., but expansion expected
Small business optimism slipped a bit in October, as the National Federation of Independent Business' Small Business Optimism index dipped to a reading of 107.4.
"For two years, small business owners have expressed record levels of optimism and are proving to be a driving force in this rapidly growing economy," said NFIB President and CEO Juanita D. Duggan. "The October optimism index further validates that when small businesses get tax relief and are freed from regulatory shackles, they thrive and the whole economy prospers."
In September, the index was at 107.9.
Small businesses have hired “significant numbers of new workers,” according to the survey, while owners believe it “is a good time to expand substantially,” and “are planning to invest in more inventory.” The economy and strong sales were offered as reasons for the time being right to expand.
"Thanks to a number of factors, including the federal government's loosening grip on the private sector, the U.S. regained the top spot in the World Economic Forum's ranking as the most competitive country during the month of October. An unburdened small business sector is truly great for employment and the general economy," said NFIB Chief Economist Bill Dunkelberg. "October's report sets the stage for solid economic and employment growth in the fourth quarter, while inflation and interest rates remain historically tame. Small businesses are moving the economy forward."