Small-business owners’ confidence in the U.S. economy fell for the fourth consecutive month and their outlook on business conditions fell to the lowest level since late 2016, according to the National Federation of Independent Business.

The conservative-leaning small-business lobby said its optimism index fell to 104.4 in December from November’s 104.8 reading. Economists had expected a December reading of 103, according to a Wall Street Journal survey.

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