US small business confidence rises in June, inflation remains biggest concern

Odaily Planet Daily News US small business confidence improved in June, but the share of owners citing inflation as the "single most important problem" rose to its highest level in nearly two years, with more businesses also reporting raising average selling prices. Data from the National Federation of Independent Business (NFIB) on Tuesday showed the small business optimism index rose 2.1 points to 97.4 in June, approaching the index's 52-year historical average of 98.0.

The survey's uncertainty index fell 2 points to 89, but remains well above the historical average of 68. The improvement in business confidence and easing of uncertainty may reflect a temporary pullback in gasoline prices following a fragile ceasefire between the US and Iran. However, the ceasefire collapsed after an oil tanker was attacked in the Strait of Hormuz last week, prompting both countries to launch military strikes against each other. NFIB Chief Economist Bill Dunkelberg said: "The current economic environment presents both positive changes and ongoing challenges for small business owners. Lower fuel costs provide welcome relief for both businesses and consumers, and businesses expect business conditions to improve over the next six months." (Jinshi)