U.S. small business confidence reached its highest level since February 2022 in July, indicating that fears of a recession were overblown.
The National Federation of Independent Business (NFIB) said on Tuesday, Aug. 13, that its Small Business Optimism Index rose 2.2 points to 93.7 last month, the highest reading since February 2022.
Though businesses continued to worry about inflation, fewer reported raising worker compensation and average selling prices. The survey findings bode well for the inflation outlook.
More businesses said they planned to increase inventory in the coming months, which could provide a boost to gross domestic product. See more findings.