Reuters: Small Business News: Small business optimism falls sharply in June

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Small business optimism falls sharply in June Jul 10th 2012, 11:36 WASHINGTON | Tue Jul 10, 2012 7:36am EDT WASHINGTON (Reuters) - Small businesses' confidence in the economy's future declined sharply in June, increasing the threat that an economic slowdown could stretch into the second half of the year. The National Federation of Independent Business said on Tuesday its Small Business Optimism Index dropped 3 points last month to 91.4. Eight of the index's 10 components fell, with businesses downbeat on sales, profits and hiring. "There was no good news in the June survey," NFIB economist William Dunkelberg said. A spate of weak data for everything from hiring and manufacturing to retail sales has pointed to sluggish second-quarter economic growth. But most economists still expect growth will pick up again in the second half of the year, despite the possibilities that Europe's debt crisis could worsen or that the U.S. government might go forward with a massive belt-tightening plan. The NFIB survey for June suggests small businesses smell trouble ahead. "If not a recession reading, it is surely an indication of slow growth," Dunkelberg said. The NFIB had already disclosed a part of its monthly index showing small businesses last month reported cuts to their staff. (Reporting by Jason Lange; Editing Andrea Ricci) Link this Share this Digg this Email Reprints

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