The Small Business Optimism Index rose 3.7 points to 107.5 in November, the National Federation of Independent Business reported on Tuesday.

“We haven’t seen this kind of optimism in 34 years, and we’ve seen it only once in the 44 years that NFIB has been conducting this research,” said NFIB President and CEO Juanita Duggan. “Small business owners are exuberant about the economy, and they are ready to lead the U.S. economy in a period of robust growth.”

Eight of the 10 index components posted gains, including a 16-point gain in Expected Better Business Conditions and a 13-point jump in Sales Expectations.

“This is the second-highest reading in the 44-year history of the index,” said NFIB Chief Economist Bill Dunkelberg. “The NFIB indicators clearly anticipate further upticks in economic growth, perhaps pushing up toward 4% GDP growth for the fourth quarter. This is a dramatically different picture than owners presented during the weak 2009-16 recovery.”

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