Data released today showed the Small Business Optimism Index rose modestly to 102.4 and analysts at Well Fargo note the index remains close to its cycle high and noted most key components rose, including capital spending plans and hiring plans. 

• “Small business owners continue to express a high degree of confidence in overall economic conditions and the outlook for their business.
• Relief that a truce in the trade war may be at hand is likely boosting confidence.
• Small business owners today are also more upbeat about capital spending than larger businesses are, a finding we saw in our own small business survey.
• Hiring plans inched one point higher to 18% but remains off its recent high. Firms are having a tough time filling openings.”