United States NFIB Business Optimism Index

Last Release

Sep 30, 2025

Actual

98.8

Units In

Points

100.8

Frequency

Monthly

Next Release

Nov 11, 2025

Time to Release

26 Days 19 Hours

Highest	Lowest	Average	Date Range	Source
108.8 Aug 2018	80.1 Apr 1980	97.99 Points	1975-2025	National Federation of Independent Business

NFIB Small Business Optimism Index is a composite of ten seasonally adjusted components calculated based on the answers of around 620 NFIB members. This questions include: plans to increase employment, plans to make capital outlays, plans to increase inventories, expect economy to improve, expect real sales higher, current inventory, current job openings, expected credit conditions, now a good time to expand, and earnings trend.

Latest Updates

The NFIB Small Business Optimism Index in the US fell for the first time in three months to 98.8 in September 2025 from 100.8 in August and well below forecasts of 100.5. The reading signalled a decline in optimism among small business owners, with supply chain disruptions and inflation emerging as the main concerns. 14% of owners reported that inflation was their single most important problem and 64% reported that supply chain disruptions were affecting their business to some degree. One bright spot was actual earnings changes, which increased to its highest level since December 2021. "While most owners evaluate their own business as currently healthy, they are having to manage rising inflationary pressures, slower sales expectations, and ongoing labor market challenges. Although uncertainty is high, small business owners remain resilient as they seek to better understand how policy changes will impact their operations", NFIB Chief Economist Bill Dunkelberg said.