Small business optimism grew 0.9 points to a level of 91.9 on the NFIB Small Business Optimism Index in July.
Despite the uptick, July marks the 19th consecutive month the index has been below its 49-year average of 98.
Inflation was cited as the most important issue by 21% of small business owners, down three points from June, and 23% cited labor quality as the top concern for their business.
“With small business owners’ views about future sales growth and business conditions dismal, owners want to hire and make money now from solid consumer spending,” NFIB Chief Economist Bill Dunkelberg said in a statement. “Inflation has eased slightly on Main Street, but difficulty hiring remains a top business concern.”
The full NFIB report can be found here.
