U.S. small business confidence rose marginally in September as stock market volatility raised concerns about sales growth, suggesting the economy was expanding at a moderate pace.
The National Federation of Independent Business said on Tuesday its Small Business Optimism Index gained 0.2 point to 96.1 last month. It said that level was consistent with a 2.5% annualized growth rate.
Seven of the index's 10 components eked out small gains last month, while the share of small business owners expecting stronger sales volumes in the next few months fell six points.
While there were minor declines in labour market indicators, they remained at historically strong levels and the NFIB said actual reported employment was "very" strong. The government reported earlier this month that the economy added 142,000 jobs in September after creating only 136,000 positions in August.
In all, 23% of owners reported raising worker compensation, unchanged from August and two points below the expansion high reading reached in January and May. The share planning to increase compensation rose three points to 16%.
