The National Federation of Independent Business’ index of small business indicators dropped 4.2 points in June, it biggest monthly decline since President Barack Obama was re-elected in November 2012.
The index fell to 94.1, its lowest level in more than a year, as nine of the index’s 10 components fell. This ended a five-month streak of gains in the index. Profits were down in June, and most small businesses expect the economy to get worse, not better, in the coming months. Only 9 percent expect to hire additional employees.
“While it is not a disaster or a signal of a looming recession, it is a disappointing sign that economic growth on Main Street is not set for a strong second half of growth,” said NFIB Chief Economist Bill Dunkelberg. “The weakness was substantial across the board, showing no signs of a growth spurt in the near future.”
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