U.S. small business confidence jumps up in Nov.

The U.S. small business confidence surged in November supported by better economy and higher sales expectations, a leading industry association said Tuesday.

The National Federation of Independent Business (NFIB) said that its Small-Business Optimism Index jumped up 2.0 points to 98.1 in November from October, the highest level since Februray 2007.

"Expectations for business conditions six months out rose a huge 16 percentage points while expectations for real sales volumes rose 5 percentage points," said NFIB chief economist Bill Dunkelberg in a statement.

"It's a good sign that comes at a good time for small business," said NFIB, adding "it's a little early to declare a breakout."

Four index components improved, three declined and three stayed the same including indictors for job openings and business expansion.

"This performance will have to be consolidated by several more positive readings before owners are confident to hire more employees and expand their business," said Dunkelberg.

Over 99 percent of all employing organizations in the United States are small businesses, which employs half of the country's labor force.