Small business owners are not optimistic about the current state of the economy, according to a new survey by the National Federation of Independent Business.

The group’s Index of Small Business Optimism fell 2.2 points to 89.3, the lowest index reading since 1980, according to NFIB Chief Economist William Dunkelberg. However, he noted that the current low readings have not been accompanied by the declines in real spending and hiring seen in past recessions.

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