Small business optimism jumps to 6-year high following Trump win
SMBC Chief Economist Joe Lavorgna reacts to the December jobs report and the potential economic implications of the next Trump administration on “The Big Money Show.”
America’s small business owners are feeling better about their economy than they have in six years President-elect Trump returning to the White House.
The latest National Federation of Independent Business (NFIB) Small Business Optimism Index jumped 3.4 points in December to 105.1, the highest since October 2018.
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This is it second reading in a row Above the 50-year average, after the November index broke a 2.5-year streak the same month of Trump’s victory.
Meanwhile, the NFIB’s uncertainty index fell 12 points to 86 last month.
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“Optimism on Main Street continues to grow with the improved economic outlook,” said NFIB Chief Economist Bill Dunkelberg. “Small business owners are more confident and hopeful about the new administration’s economic agenda.”
A panel of small business owners discuss their outlook for a second Trump administration during an appearance on “The Big Money Show.”
“Expectations for economic growth, lower inflation and positive business conditions have increased in anticipation of pro-business policies and legislation in the new year.”
The request comes as an outbound The Biden-Harris administration continues to defend its economic policies, pointing to growth and low unemployment numbers.However, the high inflation and heavy regulations of the past four years have been felt on Main Street.
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Trump has promised to cut regulations, as he did during his first term, and make his signature tax cuts permanent when he returns to the Oval Office.
Former President Donald Trump dances at his campaign rally in Crotona Park in the South Bronx, Thursday, May 23, 2024, in New York. (James Devaney/GC Images/Getty Images)
In the latest NFIB survey, the net percentage of owners expecting the economy to improve rose 16 points from November to a seasonally adjusted 52, the highest since the fourth quarter of 1983.
percent small business Owners who believe it’s a good time to expand their business also rose, rising six points to a seasonally adjusted 20%, the highest since February 2020.
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The net percentage of owners expecting higher sales volumes rose eight points to a net 22%, the highest since January 2020.
According to the December survey, inflation remains the single most important issue for small business owners in running their business, with 20% of respondents citing it as their biggest headache, but finding a qualified workforce was not far behind, with 19% citing it is their biggest problem.
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