The National Federation of Independent Business (NFIB) reported on Tuesday the Small Business Optimism Index increased by 2.3 points to 104.7 in November, following a 0.6-point advance in October. That represented the largest m-o-m gain since May 2018.

According to the report, the November climb in the headline index was buoyed by advances in seven of the 10 components, led by a 10-point increase in earnings, supported by quarter profit improvements. Meanwhile, owners reporting it is a good time to expand rose by 6 points and those expecting better business conditions increased by 3 points.

“Owners are aggressively moving forward with their business plans, proving that when they’re given relief from the government, they put their money where their mouth is, and they invest, hire, and increase wages,“ noted NFIB Chief Economist William Dunkelberg. “Owners are most closely focused on issues that directly impact their business, including the real, significant tax relief they were given two years ago, and they’re anxious to see that relief made permanent.”