Yesterday, Newtek announced the release of the SB Authority Index of small business indicators for February 2014 reaching 125.60 points. The Russell Microcap Index, new business formations and approved SBA lending volumes led the increase. The SB Authority Index is up 0.42% from January 2014. On a year-over-year comparison, the SB Authority Index is up 7.29%.
Barry Sloane, Chairman, President and CEO of The Small Business Authority® commented, “The small- to medium-sized business economy continues to show modest growth, although our data derived from consumer spending in January and February was quite tepid. Consumer spending, which represents approximately 65% of GDP, has demonstrated weaknesses in two of our components in both January and February, and while this this may be partially related to weather, we do not believe the weak consumer spending in the first two months of the quarter can be entirely attributable to the cold and snow. Fortunately for the economy, businesses have become more optimistic as the drag of the long recession has started to wane.”