US small business optimism dips in October - NFIB

(Sharecast News) - Small business confidence deteriorated in the US in October, according to the latest data from NFIB released on Tuesday. The NFIB small business optimism index fell 0.6 points to 98.2, but remained above its 52-year average of 98.0. Analysts were expecting a reading of 98.3.

Meanwhile, the uncertainty index was down 12 points from September to 88.0, marking the lowest reading this year.

NFIB chief economist Bill Dunkelberg said: "Optimism among small businesses declined slightly in October as owners report lower sales and reduced profits.

"Additionally, many firms are still navigating a labour shortage and want to hire but are having difficulty doing so, with labour quality being the top issue for Main Street."