Small-business owners could not grind out much in the way of positive feelings in January, as expectations for the economy continued to be a millstone weighing down an optimism index from the National Federation of Independent Business (NFIB).
That Small Business Optimism Index, a monthly measure of national entrepreneur sentiment released this morning, crept up 0.9 points to 88.9. The score is one of the lowest readings in index history, according to the Washington, D.C.–based NFIB.
Index components did show a larger segment of business owners planning to hire in the next three months — a seasonally adjusted net 3 percent, up 2 points from December. But a net -30 percent of business owners predicted better business conditions in six months, seasonally adjusted. That result shows widespread negativity despite rising 5 points from last month.
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A net percentage can be negative because it is calculated by taking the portion of business owners who anticipate worse conditions and subtracting it from the portion who predict better conditions. Positive net percentages indicate predominantly optimistic owners, while negative net percentages show overwhelming gloominess.
Business owners in New York aren’t feeling any better than their national counterparts, according to the state’s NFIB director, Mike Durant. The state’s political landscape isn’t boosting their spirits, he says.
“If you take D.C. out of the equation and you look at New York, what are we talking?” he says. “Minimum wage. A completely unknown upper house in the state legislature.”
The NFIB is a nonprofit organization with members in Washington, D.C. and all 50 states. It randomly surveyed 2,033 of its member businesses in January to develop its optimism index.
Contact Seltzer at rseltzer@cnybj.com
