U.S. June NFIB survey - Marginal dip, higher prices
June’s NFIB index of Small Business Optimism at 98.6 has seen a marginal correction lower from May’s 98.6, which was the first increase since December surged to 98.8. Even April’s low of 95.8 was higher than pre-election levels, showing the election result lifted sentiment more than tariffs damaged it.
Small businesses may be less sensitive to trade policy than large businesses, and also tend to find regulation more of a problem.
The latest data suggest inflationary pressures are picking up, with the price index at 29 from 25 beaten only in the last 20 months by a brief spike to 32 in February of this year. Compensation at 33 from 26 reversed a May dip but compensation plans softened to 19 from 20. Employment at 12 from 12 has changed little in the last four months.
