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  • U.S. small business optimism unexpectedly deteriorates in February, - NFIB report shows
Ekonomické zprávy
12.03.2024

U.S. small business optimism unexpectedly deteriorates in February, - NFIB report shows

The National Federation of Independent Business (NFIB) announced on Tuesday its Small Business Optimism Index fell by 0.5 point to 89.4 in February, following a 2.0-point decline in the previous month. This represented the lowest reading since May 2023 (89.4) and marked the 26th straight month the indicator stayed below the 50-year average of 98.0. 

Economists had foreseen the index to rise to 90.7 in February.

According to the report, the February drop in the headline gauge was due to decreases in 7 components, driven by a measure of small business owners planning to increase inventories in the coming months (-4 points) and a measure of small business owners judging that now is a good time to expand (-3 points). These declines, however, were partly offset by gains in such 2 indicators, as a measure of small business owners expecting higher real sales volumes (+6 points) and a measure of owners expecting easier credit conditions (+2 points). Meanwhile, the measure of small business owners viewing current inventory stocks as “too low” was unchanged.

Commenting on the latest data, Bill Dunkelberg, NFIB Chief Economist, noted that, while inflation pressures had eased since peaking in 2021, small business owners were still managing the elevated costs of higher prices and interest rates. “The labor market has also eased slightly as small business owners are having an easier time attracting and retaining employees,” he added.

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