According to a new survey, the business confidence among U. S. small businesses increased to 93.1, its highest level in five months, during the month of October.

The National Federation of Independent Business's optimism index recorded an increase of 0.3 point on October to touch 93.1 from 92.8 in September. The Washington-based group said that four of the index's ten components contributed to the positive trend.

William Dunkelberg, chief economist for the National Federation of Independent Business said said that the uncertainity continued to remain a concern among the small investors. 23 per cent of the small businesses said that they were "uncertain" about economic conditions in the next six months due to no clarity on tax and regulatory policies that impact hiring plans.

"Uncertainty about the election has been a major impediment to spending because the presidential candidates offered very disparate policies for the economy. If owners are unable to even predict the direction of the economy let alone the pace of growth, uncertainty will seriously impede spending and hiring," said Dunkelberg.

The NFIB report was based on a survey of 2,029 small- business owners till 30 October, 2012.