U.S. small business optimism spikes to higher-than-expected level in October

Small business optimism in the United States spiked to levels higher than what markets had initially anticipated during the month of October, even as small business owners remain surrounded by the indecision governing the U.S. Presidential election.

The National Federation of Independent Business said its optimism index rose 0.8 point to 94.9, stronger than the consensus forecast of 94.3 among economists surveyed. That’s still well below the cycle high of 100.3 from late 2014 and the 42-year average of 98, however.

Small business owners are experiencing record levels of uncertainty that is paralyzing them, NFIB said in a release. In particular, NFIB blames "high taxes, ball-and-chain regulations, and spiraling health insurance costs".

Meanwhile, the uncertainty is "tied directly to the election," the group added, but said owners are steeling themselves for additional burdens in the future.