Small Business Sentiment Declines
Small business sentiment as measured by the NFIB showed an unexpected decline in November, falling from 96.1 down to 94.8. Economists had been expecting an increase to 96.4. This was the largest monthly decline for small business sentiment since June, and took the headline index back below its historical average of 96.1 going back to 2000. Looking at the chart below, sentiment has been steadily declining since last December when it peaked at 100.4. This is not necessarily the type of action you want to see heading into what will be the first rate hike by the Federal Reserve in nearly a decade.