I think viewing the NFIB report/survey is critical. A must-read. My friend and fishing buddy Bill Dunkleberg ("Dunk") does it again. Short summary: the average reading for the last two-year recovery period is 90.2. This puppy is now clockin’ in at 89.9. This is the fifth consecutive drop. CREDIT MARKETS Four percent reported financing as their #1 business problem, so for the overwhelming majority, “credit supply” is not a problem. Ninety-two (92) percent reported that all their credit needs were met or that they were not interested in borrowing. Eight percent reported that not all of their credit needs were satisfied, and 51 percent said they did not want a loan (13 percent did not answer the question and might be presumed to be uninterested in borrowing as well). Thirty (30) percent of all owners reported borrowing on a regular basis, up 1 point and only 2 points above the record low. The other spot of particular interest is this: Over the next three months, 10 percent plan to increase employment (down 1 point), and 11 percent plan to reduce their workforce (up 4 points), yielding a seasonally adjusted net 2 percent of owners planning to create new jobs, down 1 point from June. The poor recovery in the jobs numbers is a result of very low housing starts activity and lagging expenditures on ‘services’, both labor intensive industries dominated by small firms. Housing starts show little hope for much job creation in construction in the near future and the most recent reports on consumer spending show continued weakness, with retail sales falling. Without sales, there is little reason to expand. And with Washington politics being as they are, there is plenty of reason to remain uncertain.