Small business owners grew less confident in the economic recovery in July amid labor shortages that hit a fresh, 48-year record high, according to the latest NFIB survey released on Tuesday.  The NFIB Small Business Optimism Index decreased in July to 99.7, a drop of 2.8 points, reversing June's 2.9-point gain.

Six of the 10 components tracked by the survey declined, three improved, and one was unchanged. The NFIB Uncertainty Index decreased seven points to 76, indicating owners' views are held with more certainty than in earlier months.