Small-business optimism came at 104.7, or 2.3 points higher than its October reading, beating consensus of 103. The jump was the largest month-over month gain in 19 months. According NFIB Chief Economist William Dunkelberg, small businesses have benefited from the tax cuts of 2017. “As the two-year anniversary of the Tax Cuts and Jobs Act’s passage approaches this month, small businesses, the world’s third largest economy, are using those savings to power the American economy.”  

Another highlight of the report was earnings. It rose 10 points and now is 1 point below the record set in May 2018. Dunkelberg said, "Owners are aggressively moving forward with their business plans, proving that when they're given relief from the government, they put their money where their mouth is, and they invest, hire, and increase wages."