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US Business Optimism survey: Despite decline, components support modest growth - Wells Fargo

FXStreet (Córdoba) - According to analysts from Wells Fargo, today report of the NFIB Business Optimism Index survey, that showed an unexpected decline from 96.1 to 94.8 (96.6 expected), continues to show components supporting modest growth.

Key Quotes:

“Small businesses remain cautious as optimism in the sector fell to 94.8 in November. While many components are more upbeat, the drop in expected business conditions is a negative.”

“Plans to hire held steady in November at a net 11 percent. Although down from the peak of this cycle, this indicator still points to continued employment growth, albeit at a somewhat
more moderate rate.”

“A relatively large 47 percent of firms struggled finding qualified applicants, which may be indicative of a tightening labor market. This is corroborated by the labor compensation data, with both actual compensation and compensation plans firming. Small businesses have yet to have much pricing power, with only a net 3 percent of respondents raising prices. That said, the share planning to raise prices jumped to a net 17 percent.”

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