In April, the US NFIB Small Business Optimism indicator fell for a second consecutive month. The headline index dropped from 91.9 to 91.2, while stabilization was expected. Also the details show a somewhat more pessimistic picture as increased capital spending (21% from 24%), plans to increase inventory (-1% from 1%), expect better economy (-8% from -5%), expect higher sales (5% from 6%), positions not able to fill (14% from 15%), easing of credit conditions (-13% from -9%) and good time to expand (4% from 5%) all weakened. Prices on the contrary, continued to rise as higher selling prices rose from 9% to 12% and also inventory satisfaction (1% from -1%) and positive earnings trends (-26% from -32%) improved in April. This outcome provides evidence that the recovery is losing somewhat of its momentum as also sentiment among small businesses is weakening after the ISM’s suggested already that the recovery is losing steam.