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NFIB: US Small Business Optimism Edges Higher In October

NEW YORK (Dow Jones)--Small business owners grew slightly more optimistic in October, but not enough to turn job growth positive.

The Small Business Optimism Index increased 0.3 point to 89.1 last month from September, reported the National Federation of Independent Business in a press release Tuesday.

The NFIB noted that the index has been below 90 for six consecutive quarters, indicative of the havoc wreaked by this recession. After the severe 1981-82 recession, the index stood below 90 in only one quarter, the report said.

The subindex covering expected business conditions increased 3 percentage points to 11%, and sales expectations increased 2 percentage points but remained negative at -4%.

The index for better earnings was unchanged at -40% in October. And the capital outlays index slipped 1 point to 17%.

The report said weak sales was the biggest problem for respondents in October. As a result, small businesses are worried about their inventories. The index gauging whether inventories are too low fell 3 points to -3%. In October "weak sales gave little reason to order new stock," said the report.

The job creation index improved 3 points to -1%, still too low to suggest net new hiring among small businesses.

Inflationary pressures were nearly nonexistent last month. Seasonally adjusted, the net percentage of owners raising prices was -17%, up 4 points from September, but still indicating far more small businesses were cutting prices than raising them.

By Kathleen Madigan, Dow Jones Newswires, 212-416-2466,

kathleen.madigan@dowjones.com

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(END) Dow Jones Newswires

November 10, 2009 07:30 ET (12:30 GMT)


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