- William Dunkelberg, chief economist at the NFIB
Confidence among U.S. small businesses weakened in September for the fourth consecutive month, as fewer companies are planning to hire new employees or invest in new equipment. The National Federation of Independent Business reported on Tuesday, its optimism index declined to 92.8 in September, down from 92.9 in August.
"Owners are in maintenance mode — spending only where necessary and not hiring, expanding or ordering more inventories until the future becomes more certain," said William Dunkelberg, chief economist at the NFIB.
"I think they'd like some resolution about the path of the economy. The fiscal cliff is sort of one big issue. On taxes, one side is promising they'll be higher, one side is promising they'll be lower."
The Standard & Poor's 500 lowered 0.99 per cent to 1,441.48. The Dow Jones Industrial Average tumbled 0.81 per cent to 13,473.53. The Nasdaq Composite decreased 1.52 per cent to 3,065.02.
© Dukascopy Bank SA