Small firms weighed in with confidence in the latest NIFB Index, kicking up its score 1.5 points to finish May with a 105.0. Much of the credit is being given to the continued robust labor market, which even the worries caused by the trade wars cannot seem to tarnish.

In this latest Small Business Optimism Index, 30% of firms plan to increase capital spending, up three points from last month to a point that the Wells Fargo Economics Group says is historical. The share of small businesses expecting to raise prices decreased to 20%, which the NFIB remarked is evidence of some further modification in inflation. The Economics Group cited it is as "suggesting (that) slowing demand may be curbing pricing power."

But as has been happening throughout this economic recovery, finding qualified workers continues to dog employers as an estimated 25% of firms said it was their single most important problem, matching the record high.