Record Uncertainty Stalls Small Business Investments Ahead of Election 

Small-business sentiment remains low due to record-high uncertainty ahead of next week’s U.S. election, leading to delays in capital spending and inventory investments. 

Only 19% of owners say they are currently planning capital expenditures, according to a recent survey from the National Federation of Independent Business (NFIB), down five points from last month and the lowest level since April 2023. The historical average for these capital expenditures is 29%. 

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