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NFIB: Small-Business Confidence Caps Record-High Year Under Trump

NFIB: Small-Business Confidence Caps Record-High Year Under Trump
(Dollar Photo Club)

By    |   Tuesday, 09 January 2018 11:07 AM

Small business confidence blasted off the day after the 2016 election and remained in the stratosphere for all of 2017, making last year an all-time record setter for the NFIB Index of Small Business Optimism, released Tuesday.

“2017 was the most remarkable year in the 45-year history of the NFIB Optimism Index,” said NFIB President and CEO Juanita Duggan. “With a massive tax cut this year, accompanied by significant regulatory relief, we expect very strong growth, millions more jobs, and higher pay for Americans.”

The Optimism Index for last month came in at 104.9, slightly lower than the near-record November report but still a historically exceptional performance. That makes 2017 the strongest year ever in the history of the survey. The average monthly Index for 2017 was 104.8. The previous record was 104.6, set in 2004.

“We’ve been doing this research for nearly half a century, longer than anyone else, and I’ve never seen anything like 2017,” said NFIB Chief Economist Bill Dunkelberg.

“The 2016 election was like a dam breaking. Small business owners were waiting for better policies from Washington, suddenly they got them, and the engine of the economy roared back to life.”

However, some storm clouds may loom for small businesses.

Attorney General Jeff Sessions' war on pot may become a war on small business, CNBC explained.

Sessions is rescinding the 2013 Obama memo that said the federal government would not stand in the way of states legalizing marijuana.

The majority of businesses in the legal cannabis industry are small businesses. They may face huge legal bills and become targets of prosecution.

The issue will come down to how the courts determine federal policy.

"No question; this is going to have a direct impact on small businesses in the cannabis space," says Glenn Ballman, CEO of Duber Technologies, a SaaS company that services the industry, and a cannabis policy expert.

(Newsmax wire services contributed to this report).

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