By Robert Hughes
The small business optimism index from the National Federation of Independent Business fell to 103.3 in June, down 1.7 points from 105.0 in May and 5.5 points below the all-time high of 108.8 in August 2018. Since first crossing the 100 level, the index has averaged 105.2 and extends a run of 31 consecutive months above 100, a very high figure by historical comparison (see top chart). The small drop in the latest month was primarily reflecting increased uncertainty, a decline in capital spending, higher prices due to compensation pressures and tariffs,