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The
National Federation of Independent Business said on
Tuesday its Small Business Optimism Index increased 1.3 points
to 95.4. About 1,495 businesses took part in the survey. Last
month's increase partially recouped June's plunge, which had
pushed the index to its lowest level since March 2014.
Data on automobile sales, employment and the services sector
have suggested a steady build-up of economic momentum at the
start of the third quarter after gross domestic product expanded
at a 2.3 percent annual rate in the second quarter.
Seven of the index's 10 components increased last month, while
three continued to decline.
Owners were upbeat about business conditions over the next six
months, and their expectations about sales improved after
weakening for several months. They were optimistic about
investing in capital and inventories.
There was an increase in the number of small business owners who
said that now was a good time to expand.
The survey's labor market gauges improved after weakening a bit
in June. Fifty-seven percent reported hiring or trying to
recruit workers in July, up five percentage points from June.
Twenty-five percent of all owners reported job openings they
could not fill, up one point from June, but four points below
the highest reading for 2015. About 23 percent of owners
reported raising worker compensation, up two points from June.
The survey pointed to tame inflation pressures in the near term.
Thirteen percent of small business owners reported reducing
their average selling prices in the past three months, down one
point from June.
About 17 percent reported price increases, also down a point
from the prior month. Seventeen percent said they planned to
raise average prices in the next few months, down two points
from June.
(Reporting by Lucia Mutikani; Editing by Paul Simao)
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