US small business confidence jumps to Reagan-era highs, NFIB says
Small business confidence in the States jumped higher still last month to reach its second-highest mark in over four decades, the results of a widely-followed survey revealed.
The National Federation of Independent Businesses's headline index rose by 3.7 points in comparison to October to 107.5 (consensus: 104.6).
That was the second-best reading for the index in its 44-year history and its loftiest level in 34 years, the business lobby said.
According to the NFIB's chief economist, Bill Dunkelberg, "the NFIB indicators clearly anticipate further upticks in economic growth, perhaps pushing up toward four percent GDP growth for the fourth quarter. This is a dramatically different picture than owners presented during the weak 2009-16 recovery.
"The change in the management team in Washington has dramatically improved expectations."
Gains among the survey's subindices were broad-based, with improvement seen in eight out of ten indicators.
Dunkelberg also highlighted the six point rise in the sub-index tracking job creation plans, with improvement reportedly seen across constructionm manufacturing and professional services.
NFIB president Juanita Duggan chimed in: "Small business owners are paying very close attention to what is happening in Washington. They continue to list taxes as their number-one problem, but they now have clear expectations that Congress and the President will address that problem."