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Free AccessUS NFIB Survey: July Optimism Index +1.6 to 105.2 - Text
WASHINGTON (MNI) - The following are excerpts from the National Federation
of Independent Business' monthly Small Business Optimism index published
Tuesday:
The National Federation of Independent Business (NFIB) monthly Index of
Small Business Optimism, released today, rose 1.6 percent in July to 105.2, a
strong performance led by significant gains in hiring activity.
"Strong consumer demand is boosting small business optimism," said NFIB
President and CEO Juanita Duggan. "Small business owners are feeling better
about the economy because their customers are feeling better about the economy.
This is a good trend that we hope continues."
Among the 10 components that make up the Index, seven improved, two
declined, and one remained unchanged. The biggest gains were: job openings (+5);
job creation plans (+4); and sales expectations (+5).
"Sixty percent of small business owners reported hiring or trying to hire
in July," said NFIB Chief Economist Bill Dunkelberg. "Within that group, 87
percent said they had a tough time finding qualified workers. The labor market
is getting very tight, and the problem is most severe in the construction and
manufacturing sectors."
Business owners cite "lack of specific skills" as the main reason they
can't find qualified workers, according to new NFIB research included in the
July report. Other common reasons include: work history; social skills; wage
expectations; and attitude.
Nineteen percent of small business owners listed lack of qualified workers
as their number-one problem, second only to taxes.
"The number of owners trying to fill positions and create new jobs is very
high," said Dunkelberg. "That's good news for workers, because they can command
higher wages and better benefits. The bad news is that small business employers
are finding it very hard to hire and keep their workers."
Expected better business conditions, which dipped last month, rose 4 points
in July. Sales expectations also improved 5 points.
While most of the components were strong in July, capital expenditures
remained average. Capital expenditure plans dropped 2 points. Fifty-seven
percent of owners made capital outlays, which was unchanged from the previous
month.
"Small business owners are waiting to see what happens on tax reform before
they make big capital improvements or acquisitions," said Duggan.
Optimism Components: Seas Adj Level % Change
JOB CREATION PLANS 19 (NET) 4
CAPITAL EXPENDITURE PLANS 28 -2
INVENTORY PLANS 5 (NET) 1
JOB OPENINGS 35 5
INVENTORY SATISFACTION -2 (NET) 1
GOOD TIME TO EXPAND 23 2
EXPECT BETTER BUSINESS CONDITIONS 37 (NET) 4
SALES EXPECTATIONS 22 (NET) 5
EXPECT EASIER CREDIT CONDITIONS -4 (NET) -1
ACTUAL EARNINGS TRENDS -10 (NET) 0
INDEX OF SMALL BUSINESS OPTIMISM 105.2 19
--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com
[TOPICS: MTABLE,MAUDS$,M$U$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.