U.S. NFIB small business confidence unexpectedly declines in August

The National Federation of Independent Business's (NIFB) small-business optimism index unexpectedly fell in August. Data released on Tuesday showed that the U.S. NIFB small-business optimism index fell to 94.4 last month from July's 94.6, the best level of the year.

Details of the report showed that 5 of the 10 small-business optimism index's components posted a gain, four declined and one was unchanged. The index's overall decrease was hurt by falling expectations that the economy would improve as well as plans to increase employment. Expectations for higher retail sales and earnings trends also fell.

The NFIB survey is looked upon for clues regarding hiring and wage trends in the broader economy and for a read on domestic demand. The poor reading could further reduce Sept rate hike bets which have already been dented by dovish Brainard's comments.