ADP Inc.

Survey: Small business owners lose some post-election cheer

Small business owners have lost some of their post-election optimism, according to a survey released Thursday by Wells Fargo & Co.

The bank's quarterly small business index, based on a survey taken in early April, dropped to a reading of 95 from 100 at the start of 2017 and 80 in the fourth quarter. Other small business surveys had also shown a surge in optimism after the election and the inauguration of Donald Trump.

The Wells Fargo survey may reflect more pessimism in response to the economic slowdown they felt in the first quarter. Government figures showed the U.S. gross domestic product grew at an anemic 0.7 percent annual rate in that period. Much of the decline in...