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Small business optimism reaches new height under Trump, breaks record set under Ronald Reagan

Small business optimism has reached a record — 108.8 — in August. The previous record of 108 was set in 1983 under then-President Ronald Reagan's leadership. (SAUL LOEB/AFP/Getty Images)

Small business optimism surged to new heights in August, surging past the previous record set during the Reagan administration.

What are the details?

The National Federation of Independent Business Small Business Optimism Index rose to 108.8 last month, according to CNBC. The index is up from 107.9 in July.

The mark is the highest in the model's 45-year history. The previous record — 108 — was set in 1983 under then-President Ronald Reagan's leadership, who sought to greatly improve the U.S. business environment.

The optimism translates to capital spending reaching the highest rate since 2007 while hiring intention also reached a record high, Bloomberg reported.

Authors of this month's survey, William Dunkelberg and Holly Wade, said small business optimism has been increasing ever since President Donald Trump won election in 2016.

"The small business engine continues to roar with the dramatic change in economic policies since November 2016," they wrote in the report, according to Bloomberg.

What else?

Meanwhile, Juanita D. Duggan, president of NFIB, characterized August's numbers as "groundbreaking."

"Today's groundbreaking numbers are demonstrative of what I'm hearing everyday from small business owners — that business is booming. As the tax and regulatory landscape changed, so did small business expectations and plans," she explained.

The new data comes as the Trump administration seeks to boost U.S. small businesses by cutting taxes and arduous regulations that business owners say don't allow them to reach their maximum potential.

Trump and the Republican-led Congress have made improving business one of their top priorities, and so far the results — record low unemployment and consistent wage growth — indicate their efforts are producing results for millions of Americans.

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