Source: Bloomberg

The National Federation of Independent Businesses reports that the small business confidence index rose to the highest level in more than a generation. That’s a positive sign for the US economy, which typically depends on small business hiring for most employment growth.

During the 2010-2015 quasi-recovery, large companies accounted for virtually all new jobs. The revival of small business, a key part of the “Trump trade,” suggests that US can sustain economic growth at around 3% instead of the anemic 2% or so during the Obama years.