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US small business morale posts gain in July

US small business morale posts gain in July

Mubasher: Positive sentiment among US small business owners picked up during July, but the gain was slightly lower than market participants, the National Federation of Independent Business (NFIB) survey showed on Tuesday.

Small business optimism index climbed by 1.4 to 103.5 points last July, from June, compared with expectations of a reading 104.9.

“This month’s index is a confirmation that small business owners remain very optimistic about the economy but are being hamstrung by not finding the workers they need,” NFIB chief economist William Dunkelberg said.

Seven of the ten index components saw gains, with the gauge for expectations of higher real sales posting the highest sub-index gain to 22%.

The sub-gauges tracing earnings trends, existing job openings and plans to expand employment recorded a gain of 3 points, to negative 4%, 39% and 21%, respectively.

The gauge tracking plans to raise inventories capital outlays stood unchanged at 3%.

The US dollar did not record a virtual to the NFIB’s survey, with the greenback gauge was last seen ticking up by 0.02% to 97.40.