US small business confidence rose in June, inflation remains top concern

According to Odaily, U.S. small business confidence improved in June, but the proportion of owners citing inflation as their single most important problem rose to its highest level in nearly two years, with more businesses reporting that they have raised average selling prices. Data from the National Federation of Independent Business (NFIB) on Tuesday showed that the Small Business Optimism Index rose 2.1 points to 97.4 in June, approaching the index's 52-year average of 98.0.

The survey's Uncertainty Index fell 2 points to 89, but remains significantly above the historical average of 68. The improvement in business confidence and easing of uncertainty may reflect a temporary decline in gasoline prices after a fragile ceasefire between the U.S. and Iran. However, following an attack on oil tankers in the Strait of Hormuz last week, the ceasefire collapsed, leading to mutual military strikes between the two countries. NFIB Chief Economist Bill Dunkelberg said: "The current economic environment presents both positive changes and ongoing challenges for small business owners. Lower fuel costs have provided welcome relief for both businesses and consumers, and businesses expect the business climate to improve over the next six months." (Jin Shi)