Small businesses appear to have an increasingly pessimistic view of the economy, but the slowdown is in the cards, according to the National Federation of Independent Business.

NFIB's study, "Small-Business Optimism Index," found a slip in May, down 1.6 points to 98.5, suggesting that the decline in March may not have been a fluke, but the beginning of an oscillation in the outlook that is signaling a peak for economic growth.

"It's hard to beat the first-quarter performance," said NFIB Chief Economist William Dunkelberg in a statement, "so a 'slowdown' is definitely going to happen. The only question is how far and how fast."

Triggering the slide were a reduction in job openings, capital spending plans and an increase in the percent of small-business owners who believe business conditions will be worse in six months than they are now.

One-fourth of the small-business owners responding to the survey reported unfilled job openings, and 56 percent hired or tried to hire one or more workers. At 84 percent, most of those couldn't find qualified applicants. Looking ahead, 26 percent plan to create jobs in the next three to six months, versus 5 percent planning cutbacks.

Virtually unchanged, the frequency of reported capital outlays over the past six months was steady at 62 percent: 46 percent spent for new equipment, 24 percent acquired vehicles, 14 percent improved or expanded facilities and a similar share picked up new fixtures and furniture. Five percent bought new buildings or land for expansion. Eighteen percent expressed the view that the current period is good for expanding facilities.

Other findings:

• Reports of higher sales volumes rose and the share of owners expecting higher volumes was unchanged. 
  
  
• Few signs of problems arranging financing have been found. 
  
  
• Inflation news, while not improving, was somewhat muted.
  
  
• Credit is still easy to obtain: regular borrowing activity was reported by 38 percent, "near expansion-high levels, but historically low."
  
  
• Prospects for increased capital spending over the next few months faded. The number of those with spending plans fell five points to 28 percent.