The Index of Small Business Optimism fell 0.9 points to 103.6, but sustained the surge in optimism that started the day after the election.

The Index peaked at 105.9 in January and has dropped 2.3 points to date. Four of the 10 Index components posted a gain, five declined, and one was unchanged. Economic growth in the first half of this year will be about the same as the past three or four years, no real progress. There isn’t much euphoria in the outlook for the second half of the year.