Small businesses are showing signs of high optimism, seemingly thwarting any fear that a recession will hit before the end of the year, according to the November National Federation of Independent Business sentiment survey released Tuesday. 

Small-business optimism spiked 2.3 points to 104.7 in November, the biggest jump since May 2018, survey results showed. Positive earnings, owners who want to continue to expand business, and those expecting business conditions to improve drove the second straight monthly gain for the index. 

The report comes after Friday’s blockbuster jobs numbers showed that the US economy continues to gain at a steady clip. The “historic run may defy the expectations of many, but it comes as no surprise to small business owners,” wrote William Dunkelberg, the chief economist at NFIB, in a press release.

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