The National Federation of Independent Businesses (NFIB) announced today that its Small Business Confidence Index fell 1.4 points to 95.7 in February, its lowest level in a year from 97.1 in December.
Sentiment indices were weighed down by inflation concerns due to rising oil prices.
Meanwhile, the U.S. trade deficit reached a record high of $89.7 billion in January.
According to the U.S. Commerce Department, the U.S. trade deficit increased 9.4% in January to $89.7 billion. This was a record high compared to $82.0 billion in December.
Imports rose 1.2% in January to $314.1 billion, the highest level on record, while exports fell 1.7% to $224.4 billion.
The U.S. trade deficit previously increased 27.0% to $859.1 billion in 2021, a record high, and over $676.7 billion in 2020.
In addition, US wholesale inventories rose by 0.8% in January.
According to the U.S. Commerce Department, wholesale inventories rose 0.8% in January from the previous month, following a 2.6% increase in December.
On a year-over-year basis, wholesale inventories rose 18.1% in January, while wholesale sales increased 4.0% after rising 0.8% in December.
It also takes 1.20 months to use up inventory, compared to 1.24 months in December.