The National Federation of Independent Business' (NFIB) index of small-business optimism remained unchanged at 96.1 in October, according to survey results released Nov. 10.
That follows a gain of only 0.2 points in September and an increase of 0.5 points the month before, the association reported in a news release.
State-specific data isn't available, but Brad Jones, state director of NFIB/Missouri, said small businesses here are just as uncertain about the future of the economy as are those in other parts of the country.
"Our members don't have a lot of confidence in where the economy is headed," Jones said in the news release.
William Dunkelberg, NFIB's chief economist, said, "The October NFIB survey gave no indication of a resurgence in growth in the small business sector. The labor market components might have held at historically strong levels; but this time owners reported no net growth in employment, which is a significant drop from reports in the previous four months."
Three of the 10 indices measured fell during the month of October, while five posted slight gains and two were unchanged. All of the components added up to a change of 0 percentage points.
The reading of 96.1 is consistent with the predicted economic growth of between 2 percent and 2.5 percent. Inflation received no support on Main Street, with a net 2 percent of owners raising their selling prices for the second month in a row. Owners continued reporting that their labor compensation prices were expanding rapidly, which puts pressure on profits and depresses discretionary spending plans. Investments in equipment or expansion that does not produce additional profits remain unattractive to small business owners.
The October survey was based on a random sample of 1,411 NFIB members nationwide.