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| June 9, 2010: Confidence among U.S. small businesses rose in May, 2010, to the highest level since September, 2008, as executives became more upbeat about the economy six months from now, a private survey found, according to Bloomberg. The National Federation of Independent Business’s optimism index increased to 92.2 in May, 2010, from 90.6 in April, 2010, the Washington-based group said yesterday, Tuesday, June 8, 2010. Seven of the index’s 10 components increased, and three declined. The measure is still lower than levels reached in past economic rebounds, indicating the recovery will take time to gain strength. The report shows that while smaller firms are beginning to benefit from the expansion, they’re trailing larger companies such as General Electric. “Small businesses have lagged the jobs recovery and the economic recovery and are likely to do so,” said John Herrmann, senior macro strategist at State Street Global Markets in Boston. “We’re seeing the slightest of indications that business hiring and risk-taking in the form of expansion and business formations may be taking place.” The small-business optimism gauge has recovered more slowly than measures such as the Institute for Supply Management’s manufacturing index that capture activity among companies of all sizes. GE Chief Executive Officer Jeffrey Immelt said on May 24, 2010, that the U.S. economy is “very good and improving.” The ISM factory gauge has increased 27.2 points since reaching a low in December, 2008. The small-business gauge has gained 11.2 points since its nadir. |
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