SMBC Chief Economist Joe Lavergna reacts to the December jobs report and the potential economic impact of the next Trump administration on the “Big Money Show.”
America's small business owners feel better about the economy than they have in the past six years President-elect Trump Back to the White House
The latest National Federation of Independent Business (NFIB) small business optimism index jumped 3.4 points to 105.1 in December, the highest since It is October 2018.
Warrenton, Virginia – February 10: Main Street on February 10, 2023 in Warrenton, Virginia. Several groups oppose Amazon's plan to build a data center in the area. (Photo by Bonnie Jo Monte/The Washington Post via Getty Images)
This is The second study in a row Above the 50-year average, after the November index broke a 2.5-year streak in the same month as Trump's victory.
At the same time, the NFIB Uncertainty Index fell 12 points to 86 last month.
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“Optimism on Main Street continues to grow as the economic outlook improves after the election,” said NFIB Chief Economist Bill Dunkelberg. Small business owners feel more confident and hopeful about the new government's economic agenda.
A group of small business owners discuss their vision for a second Trump administration during an appearance on the “Big Money Show.”
Dunkelberg added: Expectations for economic growth, lower inflation and positive business conditions have increased with the anticipation of pro-business policies and laws in the new year.
The survey comes as an output Biden Harris administration It continues to tout its economic policies, pointing to growth and low unemployment. But the high inflation and heavy regulations of the last four years were felt on Main Street.
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Trump has promised to roll back regulations like he did in his first term and make his signature tax cuts permanent when he returns to the Oval Office.
Former U.S. President Donald Trump dances at a campaign rally at Crotona Park in the South Bronx on Thursday, May 23, 2024 in New York City. (James Devaney/GC Images/Getty Images)
In the latest NFIB survey, the net percentage of homeowners who expected the economy to improve rose 16 points from November to 52 percent, the highest since the fourth quarter of 1983.
percentage of Small business Owners who believe it's a good time to expand their business also climbed, rising six points to 20 percent, the highest since February 2020.
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The net percentage of owners who expected higher actual sales volume rose eight points to 22 percent, the highest since January 2020.
According to the December survey, inflation remains the single most important problem for small business owners in running their business, with 20 percent of respondents citing it as their biggest concern. But finding a quality workforce wasn't far behind, with 19 percent saying it was their biggest problem.