CHART OF THE DAY: #Quad2 Framework Playing Out

The #Quad2 framework appears to be playing out as expected. One notable validation came this week from the NFIB Small Business Survey, which showed impressive strength:

• The headline index jumped 8 points to 101.7, reaching its highest level in 4.5 years after 34 months of staying below the 50-year average of 98.
• Nine out of ten components increased month-over-month, with none decreasing.
• The uncertainty index, which hit an all-time high of 110 last month (no surprise given the election), fell by 12 points in November.
• The net percentage of businesses expecting higher sales volumes rose by 18 points, reaching its highest level since February 2020.