NFIB Small Business Optimism – February 2019

The February NFIB Small Business Optimism report was released today, March 12, 2019. The headline of the Economic Trends report is “Optimism Stabilizes Among Small Business Owners.”

The Index of Small Business Optimism increased in February by .5 points to 101.7.

Here is an excerpt that I find particularly notable (but don’t necessarily agree with):

The NFIB Small Business Optimism Index improved modestly in February, increasing 0.5 points to 101.7. Views about future business conditions and the current period as a good time to expand improved as did plans to make capital outlays.  Earnings trends weakened, as a million laid off workers and others affected by the shutdown cut back on spending. The loss of sales falls right to the bottom line. Worker compensation and selling prices were lower in February than they were in January, but job openings rebounded remaining at historically high levels. The Uncertainty Index fell 1 point to 85, a small decline but still showing a lot of residual uncertainty from the government shutdown.

Here is a chart of the NFIB Small Business Optimism chart, as seen in the March 12 post on the Doug Short site titled “NFIB Small Business Survey…“:

NFIB Small Business Optimism Index

Further details regarding small business conditions can be seen in the full February 2019 NFIB Small Business Economic Trends (pdf) report.


The Special Note summarizes my overall thoughts about our economic situation

SPX at 2795.51 as this post is written