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NFIB Weekly News Leading the News

Small Business Optimism Index Shows No Signs Of Recession (10/15/2019)

24/7 Wall Street (10/13, Ausick) reported on NFIB’s small business optimism index for September, noting that it “slipped from 103.1 in August to 101.8,” while showing “no sign of a recession.” NFIB President and CEO Juanita D. Duggan was quoted saying, “All indications are that owners are eager to do more, but they’re uncertain about what the future holds and can’t find workers to fill the jobs they have open,” while Chief Economist William Dunkelberg was quoted saying, “The persistence of unfilled job openings and reports of a deficiency of job applicants indicate that there is still substantial economic optimism about the economy on Main Street.”

Business Climate

Trump Record Includes Near Double Historic Growth Rate In Corporate Profits (10/15/2019)

Bloomberg (10/12, Ponczek and Hajric) reported that since President Trump was elected, “annual S&P 500 profits have gone from $116 a share to an estimated $179.30 next year,” or “near twice the historical growth rate.” Overall, analysts estimated S&P profits would be $176.70 on the year, but estimates have now fallen to $162.90. Bloomberg suggested tariffs are responsible, but even with that result, “there’s no denying that corporate profits have surged” and quoted Edward Jones’ Nela Richardson saying, “If things were to persist, that’s a great legacy to stand on.”

Small Business Marketing

Capital One Survey: Small Business Owners Confident, Even As Recession Concerns Mount (10/15/2019)

In continuing coverage, the Motley Fool (10/9, Kline) reported that the new Capital One Small Business Growth Index shows that nearly two-thirds of small business owners believe current business conditions are “good or excellent,” even as 43% of respondents “say they are concerned that a recession will impact the success of their business in the next year.” There is considerable overlap between the two groups, according to the article, with the Capital One survey finding that there are many “who believe that conditions are good or excellent now but also feel that a recession may be coming.”

Wages and Benefits

District Judge Expected To Rule On H-2A Minimum Wage Injunction (10/15/2019)

The Salem (OR) Capital Press (10/10, Wheat) reported from Richland, Washington that US District Judge Salvador Mendoza Jr. is expected to “rule soon on a request from tree fruit growers for a preliminary injunction to halt an increase in the minimum wage for tree fruit workers.” During arguments on October 9, Mendoza “said he understands harvest is underway and that a decision is needed quickly, said Peter Spadoni, a Wenatchee attorney representing McDougall & Sons Inc. and Columbia Fruit Packers Inc., both of Wenatchee, and Evans Fruit Co., of Cowiche.”

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