U.S. small-business optimism slumped in December to a seven-month low as COVID-19 infections spread at a record rate and governments tightened restrictions on activity.

The National Federation of Independent Business index of sentiment decreased by 5.5 points to 95.9, the group said Tuesday. The figure was weaker than the median projection of 100.2 in a Bloomberg survey of economists.

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Nine out of the 10 subindexes declined in December. As renewed lockdown measures continue to weigh on business activity, sales expectations dropped to minus 4%, the lowest since May. Additionally, a gauge of owners’ outlook for general business conditions fell to the lowest level since April 2016.

Read more at NEWSMAX.