Small-business optimism fell 1.6 points to 95 in June following a “promising” three-month run of increases.
That’s according to the National Federation of Independent Business’ (NFIB’s) latest index of small-business optimism released today.
At the top of its news release on its website, the NFIB wrote, “Small Business Optimism Can’t Be Sustained.”
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Two of the index components improved, six declined, and two were unchanged, the NFIB said in the release.
The index found job components improved, but capital outlays and planned spending “faded” along with expectations for improving business conditions, according to the NFIB.
The components measuring “current inventory” and “expected credit conditions” remained unchanged in June.
The only two index components that increased in June were labor-market indicators: the percent of owners with job openings and the percent planning to create new jobs in the coming months, William (Bill) Dunkelberg, NFIB chief economist, said in the news release.
“While reports of actual net job creation per firm were positive, consumer and business-owner optimism remain low, with both spending growth and sales expectations weak. This means there are more jobs but not much more output. With Election Day months away and no sign of change in Washington, economic growth for the rest of the year will continue to be sub-par. The unemployment rate will fall more due to people leaving the labor force than to jobs being created and fewer hands making GDP [gross domestic product],” said Dunkelberg.
Contact Reinhardt at ereinhardt@cnybj.com
