The National Federation of Independent Business reports its small-business optimism index was unchanged from April at May’s seasonally adjusted 104.5, slightly above the consensus forecast of 104. NFIB President Juanita Duggan said small business owners are still optimistic that tax reform and health-care reform will pass Congress. Small-business confidence surged in December by the largest amount in the survey’s 40-year history. In May, five of the 10 index components gained, four fell and one was unchanged. Only a net 28% of owners report plans to make capital outlays, which is below historic levels.
Crude production from OPEC rose in May, according to its monthly report. Last month the group along with some non-members, agreed to extend output cuts through March of 2018. July crude is off 0.8% to $45.71 a barrel. OPEC member output grew by 1% to more than 32.14 million barrels in May, with the rise attributed to increases from Libya, Nigeria and Iraq.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
