For the third consecutive time, the NFIB index, which surveys how positive small business owners are feeling, posted a monthly gain. This particular boost was 1.7 points.

Labor market indicators were strong as plans to increase hiring were up two points. However, finding quality labor continues to be a key concern and the addition of jobs at small firms has slowed down.

The Wells Fargo Securities Group added that, "much of the rebound in the headline index the past three months reflects some relief over the stock market rebound to start the year."

The group also noted that the reduced bargaining power of small businesses might make them more susceptible to the adverse effects of the ongoing trade war with China.