NFIB small business optimism index falls short of expectations
By Iain Gilbert
Date: Tuesday 08 Oct 2024
(Sharecast News) - The National Federation of Independent Business' September optimism index increased to 91.5 in September, missing forecasts for a print of 91.7 and marking the 33rd consecutive month below the 50-year average of 98.
The uncertainty index rose 11 points to 103, the highest reading on record, while 51% of owners reported capital outlays in the last six months, down five points from August.
Meanwhile, the number of business owners reporting inventory gains fell by four points to a seasonally adjusted reading of -13%, the lowest since June 2020.
"Small business owners are feeling more uncertain than ever," said NFIB chief economist Bill Dunkelberg.
"Uncertainty makes owners hesitant to invest in capital spending and inventory, especially as inflation and financing costs continue to put pressure on their bottom lines. Although some hope lies ahead in the holiday sales season, many Main Street owners are left questioning whether future business conditions will improve."
Reporting by Iain Gilbert at Sharecast.com
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