The National Federation of Independent Business' Optimism Index came in at 90.2 for October,up 1.3 from September.This was below the year to date average of 91.1,and only a little better than the average since January 2009 of 89.1.The gain was mainly the result of less negative views about prospects for real sales and business conditions,NFIB said.
Basically we've gone nowhere since the recession ended,according to Bill Dunkelberg,NFIB Chief Economist.We're thinking the economy will be worse three years from now than better.Sales expectations are still low.I expect it to continue that way for some time.
We've gone through a big period of inventory and staff reduction.We're kind of set for the relatively weak level of consumer spending that we have to deal with.It is a demand problem.Until that changes,we're not gonna be doing any hiring.Consumer sentiment is the worst since 1980.
The NFIB Optimism Index usually leads the market a little bit,Mr.Dunkelberg observed.
Small business generated 65% of net new jobs over the past 17 years,the Small Business Administration claims.
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