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The
National Federation of Independent Business said on Tuesday its
Small Business Optimism Index gained 0.2 point to 96.1 last
month. It said that level was consistent with a 2.5 percent
annualized growth rate.
"Financial markets did not provide any encouragement to owners,
instead providing volatility that only a trader could like. This
produces uncertainty," the NFIB said. Seven of the index's 10
components eked out small gains last month, while the share of
small business owners expecting stronger sales volumes in the
next few months fell six points.
While there were minor declines in labor market indicators, they
remained at historically strong levels and the NFIB said actual
reported employment was "very" strong. The government reported
earlier this month that the economy added 142,000 jobs in
September after creating only 136,000 positions in August. Even
as small business owners worried about sales growth, they were
upbeat about business conditions over the next six months and
profits. They also believed now was a good time to expand. There
was a slight increase in the share of owners planning to
increase inventory.
The survey continued to point to tame inflation pressures in the
near term. Fifteen percent of small business owners reported
reducing their average selling prices in the past three months,
up one point from August. A net 15 percent planned to raise
prices, unchanged from August.
Twenty-three percent of owners reported raising worker
compensation, unchanged from August and 2 points below the
expansion high reading reached in January and May. The share
planning to increase compensation rose 3 points to 16 percent.
(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)
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