Small business optimism declined 0.1 points to a level of 90.7 on the NFIB Small Business Optimism Index. It is the 22nd consecutive month below the index’s 50-year average of 98.
“The October data shows that small businesses are still recovering, and owners are not optimistic about better business conditions,” stated NFIB Chief Economist Bill Dunkelberg. “Small business owners are not growing their inventories as labor and energy costs are not falling, making it a gloomy outlook for the remainder of the year.”
Twenty-two percent of small business owners named inflation as the most important issue for operating their business, down from 23% in September. Owners anticipating improved business conditions over the next six months remained unchanged from September at a net negative 43%.
The full NFIB report can be found here.