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US small business sentiment improves in May, but uncertainty rising

U.S. small business sentiment improved in February as the National Federation of Independent Business (NFIB) Optimism Index rose to 90.9 from January's 89.9, marking the highest level since November 2023. This increase was driven by a more positive outlook on future business conditions, with the net percentage of owners expecting better conditions rising to -27% from -30%. Despite the improvement, the index remains below the 49-year average of 98, indicating ongoing challenges. Key concerns for small business owners include inflation, with 23% citing it as their top issue, and labor quality, with 16% struggling to find qualified workers. Additionally, 37% of owners reported raising compensation in the past three months to attract and retain employees, and 21% plan price hikes in the next three months to manage rising costs.

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