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.