Some of the blush is off the rose for U.S. President Trump.
A survey conducted by CNBC of America's small-business owners shows confidence has slipped since April. The survey, released Monday, revealed the attitudes of more than 2,200 small-business owners nationwide across a wide spectrum of industries.
The survey's Small Business Confidence Index fell from 60 in the second quarter to 57 in the third quarter. The index is calculated on a scale from 0–100 and is based on the responses to eight survey questions. A zero indicates no confidence, and a score of 100 indicates perfect confidence. An index value of 57 means that business owners on the whole are more optimistic than they are pessimistic about the direction their business will head over the next 12 months.
The slight dip in confidence is the result of sharp decreases in the number of small-business owners who are optimistic about the impact of changes in tax, trade, regulatory and immigration policy over the next 12 months.
Of respondents, only 27% say they expect changes in government regulations to impact positively their business over the next 12 months, down from 38% who said the same in April, while the number saying regulation will have a negative impact on their business rose from 26% to 30%.
On tax policy, 31% now say changes will have a positive impact, down from 42% in April. Those saying changes in trade policy will have a positive impact declined from 27% in April to just 18% in August.
