Optimism among small businesses rose last month, with respondents reporting better business conditions, despite uncertainty around tariffs and inflation.

The National Federation of Independent Business (NFIB) said on Tuesday that its Small Business Optimism Index went up 1.7 points in July to 100.3, just above the index’s long-term average of 98.

The factors that contributed to the rise of the index were respondents reporting better business conditions and arguing that it is a good time to expand. About 16 percent of respondents said it was a good time to expand their business, 5-point increase from June.

The Uncertainty Index spiked by 8 points from June to 97. One-in-five small business, 21 percent, said that labor quality was the most important problem, increasing by 5 points from Ju

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