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- U.S. small business optimism worsens in August
U.S. small business optimism worsens in August
The National
Federation of Independent Business (NFIB) reported on Tuesday the Small
Business Optimism Index decreased by 1.6 points to 103.1 in August, reversing a
1.4-point gain posted in July.
The August decline
in the headline index was attributable to a drop in expectations for business
conditions and real sales volumes in the coming months. Meanwhile, job creation
accelerated, positive earnings trends improved, and q-o-q sales gains remained
strong.
According to
the report, six of 10 index components declined, three rose and one was
unchanged. It also revealed that small business owners’ plans to create new
jobs and increase inventories decreased slightly, while their plans to make
capital outlays increased.
“The August
report does not show a sign of inflation or reflect what the Fed has noted,”
said NFIB Chief Economist William Dunkelberg. “The pessimism we’re seeing is
contagious, even though the actual economy is thriving. Expectations can be
infected and, as a result, could turn sour. All the talk about an impending
recession can create a false reality, but it doesn’t make it right. Main Street
is continuing to produce and remains strong in spite of the headlines.”
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