U.S. October NFIB survey - Weaker but far from weak
October’s NFIB index of Small Business Optimism at 98.2 from 98.8 has seen a second straight decline, possibly influenced by the government shutdown which looks close to being resolved. The index is still well above pre-election levels and above April’s 95.8 when tariff alarm was at its peak.
September’s data was disappointing on the price side. However October has seen current prices reversing a September bounce in falling to 21 from 24 while future prices at 30 from 31 are marginally softer, if still above August’s 26.
Compensation at 26 from 31 is the slowest since May. Compensation plans at 19 are unchanged while hurting at 15 has corrected marginally from September’s 8-month high of 16. Overall the NFIB survey is softer but far from weak.
