The May NFIB Small Business Optimism report was released today, June 11, 2024. The headline of the Economic Trends report is “Small Business Uncertainty Index Reaches Highest Level Since 2020.”
The Index of Small Business Optimism increased by .8 point to 90.5.
Here is an excerpt that I find particularly notable (but don’t necessarily agree with):
The NFIB Small Business Optimism Index reached the highest reading of the year in May at 90.5, a 0.8-point increase but still the 29th month below the historical average of 98. The Uncertainty Index rose nine points to 85, the highest reading since November 2020. Twenty-two percent of owners reported that inflation was their single most important problem in operating their business, unchanged from April and the top business problem among owners.
Below is a chart of the NFIB Small Business Optimism chart, as seen in the full May 2024 NFIB Small Business Economic Trends (pdf) report:
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The Special Note summarizes my overall thoughts about our economic situation
SPX at 5363.41 as this post is written
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