As energy companies struggle in Oklahoma, a survey by the National Federation of Independent Business shows only a slight increase in business optimism across the state and the country.
A “negligible increase showing no real enthusiasm for making capital outlays, increasing inventories or expanding,” is how the NFIB’s Small Business Optimism Index put it. The index rose only seven-tenths of a point in June to 94.5.
“We’re glad small-business optimism didn’t go down, but small businesses are simply in maintenance mode,” said Jerrod Shouse, state director of NFIB. “They’re not seeing a lot of growth.”
NFIB Chief Economist Bill Dunkelberg said the 94.5 index is well below the 42-year average of 98.
“The biggest increase was Expected Business conditions, which rose four points, a good sign, but more owners still expect conditions to be worse than expect improvement,” said Dunkelberg.
He said weak capital spending remains one of the main causes for slow GDP growth. The political climate continues to be the second most frequently cited reason for why owners think the current period is a bad time to expand.