US: Small Business optimism may be a bit premature – Wells Fargo

The NFIB Small Business Optimism Index rose 6.2 points in June, climbing above 100, “as business re-openings bolstered expectations and hiring” say analysts at Wells Fargo. They warn attitudes have likely grown more cautious since the survey was taken.

Key Quotes: 

“The bounce back in Small Business Optimism to the 100 level is heartening, but we fear it may be a bit premature. The survey likely came too early to reflect the sustained rise in new COVID cases, which have now elicited a new round of shutdowns.”

“June’s rise in Small Business Optimism appears to have gotten a temporary assist from prior business re-openings, modifications and expansions to the PPP, and the buoyant stock market.”