Hong Kong's SME Sentiment Worsens in April

NFIB April US Small Business Index Ticks Higher, Economic Expectations Lower

The National Federation of Independent Business's monthly Small Business Optimism Index rose slightly to a reading of 95.9 in April from 95.8 in March and 95.8 a year earlier."Inflationary pressures continue to be a challenge for Main Street," said NFIB Chief Economist Bill Dunkelberg. "While small business optimism is currently fragile, the benefits of the Working Families Tax Cut Act should start to feed into the private sector over the next few months."There were monthly increases in seven of the 10 component measures, compared with three decreases.The largest increase was seen in the measure of the earnings trend, which rose by six percentage points to a net minus 19%, followed by three percentage point gains to current inventory measures (to a net minus 2%) and plans to raise inventories (to a net minus 2%).A net positive reading indicates that more respondents expect an increase than those expecting a decrease, and vice versa for a net negative reading.The measure of current jobs opening rose by two percentage points to a net of 34%, plans to increase employment rose by one percentage point to 13%, plans to make capital outlays rose by one percentage point to a net 17% and expected credit conditions rose by one percentage point to minus 4%.Providing some offset, the reading for economic expectations fell by seven percentage points to a net 4%, sales expectations fell by four percentage points to a net 3% and timing for expansion fell by four percentage points to 7%.Price gains accelerated in April, and pricing plans suggest that further gains are expected.

NFIB April US Small Business Index 95.9 vs 95.8 Previous, 95.8 Year-Ago

U.S. Energy Production Sets New Record in 2025 for 4th Consecutive Year, EIA Reports

U.S. energy production hit a new record high of 107 quadrillion British thermal units in 2025, up 3.4% from the previous record set in 2024, the U.S. Energy Information Administration said in a Monday note, citing its most recent Monthly Energy Review.Production was driven by record-high production in natural gas, crude oil, natural gas plant liquids and renewables, the EIA noted. This was the fourth consecutive year of record energy production for the U.S.Dry natural gas output rose more than 4% year over year to 39 trillion cubic feet in 2025, with most of the growth occurring in the Appalachia, Permian and Haynesville regions, the EIA said.Crude oil production grew 3% to 13.6 million barrels per day from 2024. Most of the growth comes from the Permian region of western Texas and southeastern New Mexico.Production of NGPLs, or hydrocarbons separated as liquids during natural gas processing, climbed 7% to 4 trillion cubic feet year over year. Like oil and natural gas output, NGPLs production also hit a new record in 2025, according to the agency.