Well well well... looks like the economy is sturdy, robust, and small business owners are laughing at predictions of a recession. Anyone want to take back their dire predictions from the last two weeks?
US small business sentiment near 2-1/2-year high
US service sector rebounds in July; employment also recovers
WASHINGTON, Aug 13 (Reuters) - U.S. small-business confidence jumped to the highest level in nearly 2-1/2 years in July, another indication that financial market fears of a recession following last month's increase in the unemployment rate were likely overblown.
The National Federation of Independent Business (NFIB) said on Tuesday its Small Business Optimism Index rose 2.2 points to 93.7 last month, the highest reading since February 2022.
Though businesses continued to worry about inflation, fewer reported raising worker compensation and average selling prices. This bodes well for the inflation outlook. More planned to increase inventory in the coming months, which could provide a boost to gross domestic product.
The report joined a survey last week from the Institute for Supply Management showing a rebound in its nonmanufacturing PMI in easing concerns that the economy was either in recession or on the cusp of a downturn that was triggered by a surge in the unemployment rate to near a three-year high of 4.3% in July.
The report joined a survey last week from the Institute for Supply Management showing a rebound in its nonmanufacturing PMI in easing concerns that the economy was either in recession or on the cusp of a downturn that was triggered by a surge in the unemployment rate to near a three-year high of 4.3% in July.
US small business sentiment near 2-1/2-year high
US service sector rebounds in July; employment also recovers
WASHINGTON, Aug 13 (Reuters) - U.S. small-business confidence jumped to the highest level in nearly 2-1/2 years in July, another indication that financial market fears of a recession following last month's increase in the unemployment rate were likely overblown.
The National Federation of Independent Business (NFIB) said on Tuesday its Small Business Optimism Index rose 2.2 points to 93.7 last month, the highest reading since February 2022.
Though businesses continued to worry about inflation, fewer reported raising worker compensation and average selling prices. This bodes well for the inflation outlook. More planned to increase inventory in the coming months, which could provide a boost to gross domestic product.
The report joined a survey last week from the Institute for Supply Management showing a rebound in its nonmanufacturing PMI in easing concerns that the economy was either in recession or on the cusp of a downturn that was triggered by a surge in the unemployment rate to near a three-year high of 4.3% in July.
The report joined a survey last week from the Institute for Supply Management showing a rebound in its nonmanufacturing PMI in easing concerns that the economy was either in recession or on the cusp of a downturn that was triggered by a surge in the unemployment rate to near a three-year high of 4.3% in July.
