US NFIB small business optimism index drops to 97.8 in October.
The National Federation of Independent Business' small business optimism index edged down to 97.8 in October from 97.9 in September, marking its lowest reading since June but coming in broadly in line with expectations.
Source: Sharecast
The NFIB said sentiment among small business owners was little changed during the month as firms continued to grapple with ongoing challenges. Labour availability remained the biggest concern for a fourth consecutive month, although the proportion of owners citing labour quality or availability as their most significant operating problem eased by one percentage point to 25%.
Taxation concerns, however, increased notably, with 21% of respondents identifying taxes as their single biggest issue, the highest proportion recorded since May 2021.
Despite the softer headline reading, there were some signs of improving confidence. A net 8% of small business owners said they expected business conditions to improve over the next six months, up two percentage points from September and reversing part of the deterioration seen over the previous two months.
NFIB chief economist Bill Dunkelberg said: "There was little change in optimism among small businesses in October as owners navigated enduring challenges, though there were some encouraging developments."
Reporting by Iain Gilbert at Sharecast.com
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