WASHINGTON — A key measure of US small-business confidence nudged higher in January to mark the fifth straight month of gains, the National Federation of Independent Business (NFIB) said Tuesday.

The NFIB said its small-business optimism index rose to 93.9 from 93.8 the prior month.

The group reported a five-point gain among respondents who expect the economy to improve but a five-point drop in those who planned to increase inventories.

“The most positive statement that can be made about January’s reading is that the index did not go down; a change of 0.1 points is essentially no change, and it is hardly indicative of a surge in economic activity,” NFIB chief economist Bill Dunkelberg said in a statement.

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