Small Business Confidence at Three-Year High

Washington, DC, March 8, 2011 -- Small business confidence rose in February to the highest level in three years, according to a survey by the National Federation of Independent Business.

NFIB said its optimism index climbed to 94.5, the highest since the recession began in December 2007. During the previous expansion that started in November 2001 the reading averaged 100.7.

Hiring plans also reached the second-highest level since September 2008, although fewer businesses said it was a good time to expand.

“The future is looking brighter for a few more small-business owners,” said NFIB economist William Dunkelberg in a press release. However, he said the reading doesn't indicate strong growth.

Small businesses with plans to add to payrolls rose 2 points to a net 5%. A net 15% of firms said they were having trouble filling job openings, the highest level since September 2008.