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

Odaily Planet Daily News: US small business confidence improved in June, but the proportion of business owners citing inflation as the "single most important problem" rose to its highest level in nearly two years, while more businesses reported raising 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 remained significantly above the historical average of 68. The improvement in business confidence and easing of uncertainty may reflect a temporary drop in gasoline prices following a fragile ceasefire between the US and Iran. However, after an oil tanker was attacked in the Strait of Hormuz last week, the ceasefire collapsed, prompting mutual military strikes between the two countries. NFIB Chief Economist Bill Dunkelberg said: "The current economic environment presents both positive changes and persistent challenges for small business owners. Falling fuel costs have brought welcome relief to both businesses and consumers, and businesses expect improvements in the business environment over the next six months." (Jin Shi)