A key measure of the nation’s small-business optimism fell more than two points in October amid a “precipitous” decline in hiring plans and expectations for future small-business conditions.
The monthly small-business optimism index of the National Federation of Independent Business (NFIB) registered 91.6 points in October, down from September’s 93.9 reading. Seven of the 10 index components dropped 27 percentage points combined, the small-business advocacy group said in a news release.
Job creation was among the index components that rose in October. NFIB owners increased employment by an average of 0.11 workers per firm in October after September’s decline, according to the NFIB survey.
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The stalemate in early October over funding the federal government, along with the failed “launch” of the national health-insurance website (Healthcare.gov), left 68 percent of small-business owners believing that the current period is a “bad time” to expand, according to the NFIB.
The net percentage of owners expecting better business conditions in six months was a net negative 17 percent, seven points lower than September and 15 points worse than August, the NFIB said.
At the same time, 37 percent of those owners identified the political climate in Washington, DC as the culprit, which represents a “record high level,” the NFIB said.
The federal government’s “failures” are “paralyzing” the small-business sector, Michael Durant, New York state director for the NFIB, said in the news release.
“The federal government exercises enormous influence over the economy and that makes small-business owners very nervous about the future,” said Durant.
Contact Reinhardt at ereinhardt@cnybj.com
