Small business optimism survey shows a record jump

Small business optimism posted the largest month-over-month gain since May 2018, rising to 104.7 in November.

The big picture: "Overall, this clearly is a positive report," Pantheon Macroeconomics chief economist Ian Shepherdson wrote in a note to clients.

• "The headline index remains below its cycle peak, 108.8 in August last year, but that was supported by tax cuts and was not sustainable."

Yes, but: Sales expectations fell by 4 points to the lowest level in three years. "This might mean that firms recognized the impact of the August 1 announcement of tariffs on consumer goods was to pull forward spending into the late summer," Shepherdson added.

Of note: The surveys reflect the previous month's report.

Go deeper:

• Small business owners report record-high confidence
• Fed's beige book shows varied business strength
• Immigrant-owned businesses contribute billions to U.S. economy