Small-business optimism in November posted its largest month-over-month gain since May 2018, according to a survey by the National Federal of Independent Business (NFIB).
NFIB’s Optimism Index rose 2.3 points to 104.7 in November, bolstered by improvements in seven of the 10 Index components measured, including a 10-point improvement in earnings.
“This historic run may defy the expectations of many, but it comes as no surprise to small-business owners who understand what a supportive tax and regulatory environment can do for their companies,” NFIB Chief Economist William Dunkelberg said in a release. “As the two-year anniversary of the Tax Cuts and Jobs Act’s passage approaches this month, small businesses, the world’s third-largest economy, are using those savings to power the American economy.”
According to November’s survey, small-business owners who said it is a good time to expand increased by 6 points and those expecting better business conditions increased by 3 points.
Earnings, or the frequency that owners report positive profit trends, rose 10 points, 1 point below the record set in May 2018, to a net 2 percent reporting quarter-on-quarter profit improvements.
“Owners are aggressively moving forward with their business plans, proving that when they’re given relief from the government, they put their money where their mouth is, and they invest, hire, and increase wages,“ Dunkelberg said. “Owners are most closely focused on issues that directly impact their business, including the real, significant tax relief they were given two years ago, and they’re anxious to see that relief made permanent.”
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