The NFIB Small Business Optimism Index rose 0.5 points to 95.9 in August after rising 1.3 points in July. Five of the components posted gains, three fell and two remained unchanged.

"The index of Small Business Optimism went nowhere in August, so the good news is it did not fall," said NFIB Chief Economist Bill Dunkelberg. "Small-business owners did not seem to be very concerned about the antics of the stock market or China’s currency devaluation. Maybe it was too late in the month to be fully captured by the survey so more might be revealed in September, but most small-business owners have their capital primarily invested in their own firm, not other people’s firms."

Job creation picked up in August as the economy left a lousy first quarter behind. Still, growth for this year is still running at the same sluggish 2 percent pace. On balance, owners added a net 0.13 workers per firm in recent months, better than July’s 0.05 but historically a solid reading. Fifty-six percent reported hiring or trying to hire, but 48 percent (86 percent of those hiring or trying to hire) reported few or no qualified applicants for the positions they were trying to fill.

Fifty-eight percent reported capital outlays, down 3 points from July. Overall, capital spending faded in August. The percent of owners planning capital outlays in the next 3 to 6 months was unchanged at 24 percent, not a strong reading historically but among the better in this expansion.

Earnings trends reversed, posting a 4 point gain, improving to a negative 15 percent. Far more owners reporting profits lower quarter to quarter than higher.