US: NFIB small business optimism at highest level since July 1983 - Nomura

Analysts at Nomura note that the NFIB small business optimism index of US reached 108.8 in August, the highest reading since July 1983.

Key Quotes

“Elevated optimism was supported by improvements in plans to increase employment and capital expenditure, consistent with ongoing economic momentum. However, the NFIB report's lofty readings stand in contrast to some regional business surveys that showed some moderation in business confidence.”

“While there was slight tightening in expected and current credit access measures, the report suggests credit access has not been an issue for small businesses so far. Labor quality remains the most frequently reported concern for small businesses with 25% of the respondents reporting it as the most important problem. This measure highlights continued tightening in the labor market.”