Small business optimism at record high

By Small BusinessFOXBusiness

Kevin Hassett: The current good economic news is not a continuation of a trend

Council of Economic Advisors Chairman Kevin Hassett discusses the strength of the U.S. economy and the increase in small business optimism.

The strong U.S. economy has small business owners feeling the most optimistic that they ever have, according to the National Federation of Independent Business (NFIB).

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The NFIB Small Business Optimism Index soared to 108.8 in August, a record in the survey’s 45-year history. The record-breaking figure is being driven by small business owners executing growth plans in response to business-friendly changes in America’s economic policy.

“Today’s groundbreaking numbers are demonstrative of what I’m hearing everyday from small business owners – that business is booming. As the tax and regulatory landscape changed, so did small business expectations and plans,” said NFIB President and CEO Juanita D. Duggan. “We’re now seeing the tangible results of those plans as small businesses report historically high, some record breaking, levels of increased sales, investment, earnings, and hiring.”

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Highlights of the August survey included that job creation plans and unfilled job openings set records and the percentage of small business owners saying now is a good time to expand tied May 2018 for a record high.

The NFIB released its monthly jobs report last week, and a seasonally adjusted net 26 percent of owners said they plan on creating new jobs while 38 percent said they had job openings that they were unable to fill in the current period. Both figures were survey highs.