A monthly measure of optimism among small business owners has retreated for a third straight month on less upbeat expectations for the economy and sales.

The National Federation of Independent Business reported its Small Business Optimism Index fell 2.6 points to 104.8 in November, four points below a record high posted in August.

Juanita Duggan, president and chief executive officer of the NFIB, said small business owners remain mostly optimistic, though. “Small business owners are enthusiastic about the economy and have demonstrated their optimism by raising wages, creating new jobs and investing in their businesses throughout 2018. Overall, small business owners have shown a historic trend in optimism for their businesses and the economy and continue to be the driving force behind economic growth.”

The NFIB bases the index on the results of monthly surveys of members of the small business advocacy group, most of them small business owners. For November, eight of 10 components of the index declined and two remained unchanged.

The proportion of those who responded to the survey upon which the November index was based who expect the economy to improve fell 11 points to a net 22 percent.

A net 29 percent of business owners reported plans to increase capital outlays in coming months, down a point. A net 29 percent of owners said they consider now a good time to expand, also down a point.

A net 22 percent of owners reported plans to increase staffing, unchanged from October. A net 34 percent of owners reported unfilled job openings, down four points. Still, a record-high 25 percent of owners cited the difficulty of finding qualified workers as their single most important problem, ahead of taxes and government regulation. A net 34 percent of owners reported increasing compensation, tying a near 30-year high.

The share of owners planning to increase inventories fell three points to a net 2 percent. At a net negative 5 percent, more owners reported existing inventories were too high rather than two low.

The proportion of those who said they expect sales to increase fell four points to a net 26 percent. At a net negative 4 percent, more owners reported lower earnings than higher earnings.