US small business optimism scales pre-recession highs

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US small business optimism scales pre-recession highs
US small business optimism surged to the highest level since September 2007 in May 2014, a sign that the recovery in the world's biggest economy is gaining steam following a surprise contraction in the first quarter of the year, albeit due to severe winter weather.

The gauge measuring small businesses in the US rose for the third month on the trot, up 1.4 points to 96.6 in May 2014 from 95.2 in the previous month, the National Federation of Independent Business (NFIB) reported on Tuesday.

"May's numbers bring the Index to its' highest level since September 2007. The entire gain in optimism was driven by soft components such as expectations about sales and business conditions," the report said.

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Story first published: Wednesday, June 11, 2014, 13:00 [IST]
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