Latest data released by NFIB - 12 May 2020
- Prior 96.4
The index falls to its lowest level since March 2013 but the drop isn't as bad as expected as some economic optimism helped to steer clear of a sharper drop as estimated above.
Looking at the details, sales expectations plummeted from +12 in March to -42 in April - the lowest on record. But a 29% share of small business owners - the most since October 2018 -said the economy will be better in the next six months. NFIB notes that:
"The impact from this pandemic, including government stay-at-home orders and mandated non-essential business closures, has had a devastating impact on the small business economy."
I think the optimism is encouraging but it belies the economic situation and perhaps the reduction in demand that will be reflected across the globe in the coming months.
