U.S. small business optimism jumped in December to its highest level in more than eight years, underscoring the economy’s strengthening fundamentals despite slowing global growth.
The National Federation of Independent Business said its Small Business Optimism Index increased 2.3 points to 100.4 last month, the highest reading since October 2006.
The index that crossed the 100 mark for the first time in eight years is now back at its prerecession average. It was bolstered by a surge in sales expectations as well as hiring, capital outlays and business expansion plans.
“This is probably why the gross domestic product numbers have been looking better because the small business sector has actually started to contribute to growth,” William Dunkelberg, NFIB chief economist, told Reuters.
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