Optimism among small-business owners in the U.S. unexpectedly weakened in October, though they remained upbeat amid robust economic growth, according to a survey from the National Federation of Independent Business.
The NFIB small-business optimism index slipped to 107.4 last month from 107.9 in September. The Econoday consensus forecast was 108.0.
Though the measure eased, "October's report sets the stage for solid economic and employment growth in the fourth quarter, while inflation and interest rates remain historically tame," said NFIB chief economist Bill Dunkelberg.
According to the survey, 60% of respondents said they were hiring or trying to hire, down one point from September. Owners continued to face hiring difficulties as 23% of respondents said finding qualified workers was their single most important business problem.
A net 28% of owners expect real sales volumes to increase, down one point from September.
The net percentage of respondents planing to invest in higher inventory continued to increase, ticking up two points to 5%.
A net 28% of owners intend to hike prices, strengthening the case for an interest rate hike by December, according to the report.
