U.S. small business optimism surged to a record in August as the tax cuts and deregulation efforts of President Donald Trump and the Republican-led Congress led to more sales, hiring and investment, according to a survey by the National Federation of Independent Business.
The NFIB Small Business Optimism Index jumped to 108.8 last month, the highest level ever recorded in the survey's 45-year history and above the previous record of 108 in 1983, set during the second year of Ronald Reagan's presidency. The August figure was up from a 107.9 reading in July.
The NFIB noted record readings for job creation plans and the amount of owners saying it was a good time to expand. Capital spending plans were the highest since 2007.
"Today's groundbreaking numbers are demonstrative of what I'm hearing everyday from small business owners – that business is booming," said NFIB President and CEO Juanita D. Duggan, in a press release Tuesday. "As the tax and regulatory landscape changed, so did small business expectations and plans."
Small businesses have been a key beneficiary of Trump's economic plans. The U.S. economy expanded by 4.2 percent in the second quarter, the fastest pace in nearly four years.
The NFIB Small Business Optimism Index jumped to 108.8 last month, the highest level ever recorded in the survey's 45-year history and above the previous record of 108 in 1983, set during the second year of Ronald Reagan's presidency. The August figure was up from a 107.9 reading in July.
The NFIB noted record readings for job creation plans and the amount of owners saying it was a good time to expand. Capital spending plans were the highest since 2007.
"Today's groundbreaking numbers are demonstrative of what I'm hearing everyday from small business owners – that business is booming," said NFIB President and CEO Juanita D. Duggan, in a press release Tuesday. "As the tax and regulatory landscape changed, so did small business expectations and plans."
Small businesses have been a key beneficiary of Trump's economic plans. The U.S. economy expanded by 4.2 percent in the second quarter, the fastest pace in nearly four years.
