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Small business confidence hits historic high in September

The Story: The National Federation of Independent Businesses recently released its September Optimism Index which climbed 3.8 points to reach a historic high of 104 points. In fact, nine of the 10 index components – which include factors like new jobs, capital outlays, and inventory – have improved.

The Takeaway: While pandemic-related uncertainty and financial pressures loom large for many small businesses and families, the economy’s resilience continues to point cautiously toward recovery. Small business is the lifeblood of the US economy, accounting for 44% of all economic activity. Community banks and credit unions can support this vital sector with a relationship-focused approach that helps them bridge the gap toward a full recovery – a strategy that, for FIs, builds customer loyalty that will endure long after the COVID crisis passes.