CR Note: Most of this survey is noise, but there is some information, especially on the labor market and the “Single Most Important Problem”.
From the National Federation of Independent Business (NFIB): November 2018 Report: Small Business Optimism Index
Small business optimism slightly dipped in November. The Index declined 2.6 points to 104.8 with more than half the decline attributable to Expected Business Conditions and Expected Real Sales.
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Job creation was solid in November at a net addition of 0.19 workers per firm (including those making no change in employment), up slightly from September and October readings at 0.15. … Twenty-five percent of owners cited the difficulty of finding qualified workers as their Single Most Important Business Problem (up 2 points), matching the record high reached in August. Thirty-four percent of all owners reported job openings they could not fill in the current period, down 4 points from last month’s record high.emphasis added
Click on graph for larger image.
This graph shows the small business optimism index since 1986.
The index decreased to 104.8 in November.
Note: Usually small business owners complain about taxes and regulations (currently 2nd and 3rd on the “Single Most Important Problem” list). However, during the recession, “poor sales” was the top problem. Now the difficulty of finding qualified workers is the top problem.