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The NFIB Small Business Optimism Index climbed 1.4 points to 104.7 in July. Analysts at Wells Fargo points out that owners appear to be navigating trade uncertainty well, and are more concerned about finding qualified workers than tariff threats.

Key Quotes:  

“Seven of the ten components rose as small businesses remain confident in the outlook for the economy. Plans to increase employment rose three points while future capex plans rose a point. Moreover, the Uncertainty Index dropped ten points, reversing the sharp rise last month and likely reflecting the last minute deal with Mexico to avert tariffs.  

“The broad-based optimism from small businesses seems to belie some of the distress signals emanating from the bond market. However, the latest escalation with China and ensuing financial market volatility will likely hit confidence in coming months.”