The optimism of small-business owners in the U.S. rose in August to an all-time high and their chief lobbying group credits tax cuts and a regulatory rollback by the Trump White House.

The National Federation of Independent Business on Tuesday said its small-business optimism index rose 0.9 point to a 108.8, eclipsing the previous record of 108 set some 35 years ago during the Reagan era. The figures are seasonally adjusted.