Small-business owners' confidence fell in March — halting a three-month winning streak, as entrepreneurs still aren't feeling optimistic about business or making substantial hiring plans.
That's the finding of a monthly survey by the National Federation of Independent Business. The group said Tuesday that its small-business optimism index edged down 1.3 points to 89.5 from 90.8 points in February.
"Virtually no owners think the current period is a good time to expand," said NFIB chief economist Bill Dunkelberg in a prepared statement. Plus, "over 75 percent think that business conditions in 6 months will be no better or worse than they currently are," he said.
Although housing and the energy sectors are forecast to add jobs, Main Street collectively has no plans to create new employment in the coming months, according to the monthly sentiment report.
End of 3-Month Run
The sentiment reading had ticked higher in December, January and February. But to describe that as a " 'run' is an exaggeration," Dunkelberg said.
Bottom line: As the recovery tries to gain traction, there may be only modest support from new Main Street jobs—a traditional driver of past recoveries.