Small Business Confidence Up A Little
Optimism among small business owners edged up a little in October, although it's still mostly negative, according to the National Federation of Independent Businesses (NFIB).
The group's Small-Business Optimism Index of 10 components gained 1.3 points to 90.2. That's below the year-to-date average of 91.1 but slightly better than the index average since January 2009.
The NFIB blamed weak sales as a major problem for small firms, with 26 percent of business owners indicating poor sales as their top problem. NFIB Chief Economist Bill Dunkelberg pointed to weaker consumer sentiment as the chief reason. "There is no exuberance in spending, as consumers ‘make do' rather than spend their increased savings in upgrades or new purchases," he said. "Confidence is the key and right now there isn't much."
In Massachusetts, state NFIB Director Bill Vernon pointed to an "anemic" job market as an effect of small businesses' sentiment. He said the state's unemployment rate, while less than the national rate, "can be largely attributed to fewer job seekers seeking fewer jobs and chronic underemployment - not a recipe for economic growth."
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