Courtesy of John Nyaradi
“Small Business Confidence Takes Huge Hit: Optimism Index Now in Decline for Six Months Running”
By Wall Street Sector Selector Staff
Small business confidence index for August declined to 88.1 in August from 89.9 as small business owners report poor sales, and low expectations for business conditions.
Today’s report from the National Federation of Independent Business, America’s small business owners, showed a decline in overall confidence as well as a decline in the net percent of small businessmen expecting better business conditions over the next six months, down 11 points from July and 36 points lower than last January.
Members of the group were apparently unimpressed with the brinksmanship of the recent deficit ceiling debate and was interprested as being a “vote of no confidence” in the overall agreement reached by the White House and Capitol Hill.
The report was so glum that the report referred to the Small Business Optimism Index as the Small Business PESSimism Index.
Since small business employ over half of private sector employees, account for 44% of the U.S. private payroll and have produced 64% of new jobs over the last 15 years, this report can only be considered as another piece of significant bad economic news. SBA.Gov
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