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Small Business Confidence And Jobs Outlook Rebound In November
Written by Tim Morral
November NFIB Small Business Optimism Index recovers from a seven-month low, reveals growth and hiring trend across the nation's small business economy.
Small business owners have had a rough ride over the past several years. Following the recession, scores of entrepreneurs were disappointed to discover that the recovery was less robust than they had hoped it would be, and were forced to plan for growth in an economic climate that most would describe as murky, at best.
The U.S. economic outlook took yet another turn in November, with both small business confidence and e small business hiring rebounding from previous levels. According to Reuters, the National Federation of Independent Businesses (NFIB) Small Business Optimism Index for November rose 0.9 points to 92.5, an improvement from October's seven-month low.
In November, eight of the NFIB index's ten categories saw improvements. Notable gains were reported in small business owners' job creation plans as well as the number of entrepreneurs who indicated that now is the right time to expand or grow their companies. Additionally, gains in employment-related categories were responsible for more than half of last month's gains across the entire index.
"The private sector is demonstrating its resilience, recovering in spite of the obstacles the government throws in its path," the NFIB said in a statement to the media.
Although planned job creation was the big story for the November NFIB index, planned expansion in capital assets and inventories, and expected increases in revenue also contributed to the index's improvement.
For small business owners, it's important to note that an improved economic and hiring outlook is just one variable in business growth and expansion plans. Effective growth strategies require more than a favorable economic environment and business owners need to perform further research and strategic planning to verify the timing of their expansion plans, at both the industry and individual company levels.
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