U.S. small business optimism index rebounds in October

The NFIB’s small business optimism index in the U.S. rebounded in October. The index improved by 0.8 points to 103.8 in October after falling 2.3 points in September. The index came in slightly below expectations of 104.

Four of the index subcomponents rose sequentially, while five dropped and one remained the same. The biggest improvements were seen in ‘expectations regarding higher real sales’ and the belief that ‘now is a good time to expand’ which rose 6 points each after dropping 12 and 10 points respectively, in September.

Job openings also rose by 5 points, bringing the sub-index to a July cycle high of 35 percent. Besides plans to increase employment, which dropped 1 point, but stayed elevated at 18 percent, other employment metrics were similarly positive in October. Hiring per company was back in positive territory, while the share of companies raising and planning to raise compensation rose 2 and 3 points respectively to 27 and 21 percent. Meanwhile, earnings trends and plans to increase inventories dropped 3 points each.

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