Small business optimism in the U.S. strengthened in July after eroding in the previous month as business expectations turned positive despite a rise in uncertainty, results of a monthly survey by the National Federation of Independent Businesses showed on Tuesday.
The NFIB Small Business Optimism Index rose 1.7 points to 100.3 from 98.6 in June. The reading was slightly above the 52-year average of 98, the trade body said.
“Optimism rose slightly in July with owners reporting more positive expectations on business conditions and expansion opportunities,” NFIB Chief Economist Bill Dunkelberg said.
“While uncertainty is still high, the next six months will hopefully offer business owners more clarity, especially as owners see the results of Congress making the 20 percent Small Business Deduction permanent and the final shape of trade policy. Meanwhile, labor quality has become the top issue on Main Street again.”
The NFIB survey also revealed the share of business owners who reported labor quality as their top most problem rose five points from June and ranked as the main problem faced by small businesses.
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