According to the National Association of Manufacturers’ (NAM) Monday Economic Report for this week, the Small Business Optimism Index ticked up slightly in May (89.4) after falling to its lowest reading since January 2013 (89.0). Small business owners continued to express anxiety about the economic outlook and access to credit. Survey respondents cited inflation (25%) as the top “single most important problem,” followed closely by difficulties in obtaining enough qualified labor (24%). The net percentage of respondents saying general business conditions would be better six months from now edged down from -49% to -50%, a five-month low, with just 3% suggesting that the next three months would be a “good time to expand.”  

According to preliminary data from the University of Michigan and Thomson Reuters, the Index of Consumer Sentiment rose from 59.2 in May to 63.9 in June, a four-month high. Consumers felt more positive in their assessments of both current and future conditions, boosted by resolving the debt ceiling stalemate. Americans continue to remain anxious in their economic outlook, however.