The September survey of the National Federation of Independent Business (NFIB) shows an improvement in the outlook of small businesses. The Small Business Optimism Index rose to 88.9 in September from 88.1 in August after a string of six straight monthly declines, which is good news.

However, the percent of respondents indicating that poor sales is one of their biggest problems rose to 28% in September from 25% in August, the highest since February 2011 (see Chart 4). The report underscores the inadequacy of demand as one of the major factors holding back the pace of growth and employment.

Asha Bangalore — Senior Vice President and Economist

http://www.northerntrust.com

Asha Bangalore is Vice President and Economist at The Northern Trust Company, Chicago. Prior to joining the bank in 1994, she was Consultant to savings and loan institutions and commercial banks at Financial & Economic Strategies Corporation, Chicago.

The opinions expressed herein are those of the author and do not necessarily represent the views of The Northern Trust Company. The Northern Trust Company does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions.

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