Confidence among the nation’s small-business owners rose 2.3 points in May to a reading of 94.4.
That’s according to the Index of Small Business Optimism that the National Federation of Independent Business (NFIB) released this week.
May’s reading is the second highest since the recession started in December 2007, but the index doesn’t signal “strong economic growth” for the sector, the NFIB said in a news release.
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Eight of 10 index components gained “momentum,” indicating some moderation in pessimism about the economy and future sales, but planned-job creation fell 1 point and reported job creation stalled after five months of gains, according to the NFIB.
A rise in small-business confidence is “always a good thing,” but it’s tough to be excited by “meager” growth in an otherwise “tepid” economy, William (Bill) Dunkelberg, chief economist at the NFIB, said in the release.
“Washington remains in a state of policy paralysis, and while the stock market sets records, GDP [gross-domestic product] posts mediocre growth. The unemployment rate remains in the mid-7s and it is departures from the labor force, not job creation, that is contributing to its decline when it does fall. It’s nice to see confidence not shrinking, but there isn’t much to hang your hat on in this report. We are back to where we were in May 2012. Two good months don’t make a trend, but we can’t have a trend without them, so it’s a start,” Dunkelberg said.
The NFIB says it advocates for the interests of small businesses nationwide.
Contact Reinhardt at ereinhardt@cnybj.com
