NFIB small business optimism index drops to three-month low in October

Small business optimism fell to a three-month low in October, according to the National Federation of Independent Business.

The NFIB's small business optimism index fell to 91.3 in October, down 92.1 in September, as 33% of owners stated inflation was their primary concern when it came to operating businesses - up three points from the previous month to make up the highest percentage since the fourth quarter of 1979.

Elsewhere, the number of US business owners who said they intend to increase employment over the next three months fell to 20% and 50% of the survey's participants stated they had raised their average selling prices as part of an effort to battle inflation.

"Owners continue to show a dismal view about future sales growth and business conditions," said NFIB chief economist Bill Dunkelberg.

Reporting by Iain Gilbert at Sharecast.com