Economic Buzz: US NFIB small business optimism grows in July

The United States Small Business Optimism Index came in at 99.8 in July, up by 2.4 points from June, the National Federation of Independent Business (NFIB) revealed in a report posted on Tuesday.

Reports of inventory levels and real sales expectations both were too low by falling 2 points, while the Uncertainty Index rose 2 points to 21. Meanwhile, 14% of business owners cited inflation as one of their biggest issues, down 7 points compared to June. The percentage of owners planning to raise prices in the next three months fell from 32% in June to 28% in July.

In July, the top reported issue was labor quality or availability. Twenty-seven percent of small business owners cited 'labor quality or availability' as their single most important problem in July, up 8 points from June and 15 points above the historical average of 12%, NFIB detailed.

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