NFIB: Small Business Optimism Index "inches up" in October
From the National Federation of Independent Business (NFIB): Small Business Optimism Index inches up in October in October
The October Index rose to 103.8, up from 103 the previous month. The historically strong performance extends the streak of positive months dating back to last November, when it shot up immediately following the election.
Four of the Index components rose last month. Five declined slightly, while one remained unchanged. Outlook for expansion and sales expectations each jumped six points, while job openings increased by five points.
The tight labor market got tighter for small business owners last month, continuing a year-long trend. Fifty-nine percent of owners said they tried to hire in October, with 88 percent of them reporting no or few qualified applicants. Hiring activity was particularly high in Florida and Georgia, as construction firms are still trying to meet higher demand caused by the recent hurricane.
Click on graph for larger image.
This graph shows the small business optimism index since 1986.
The index increased slightly to 103.8 in October.