Overview

• NFIB Small Business Optimism Index rose 1.7 points in July to 100.3, modestly above its 52-year average.
• Uncertainty Index climbed eight points to 97, with owners citing tariffs, inflation, conflict in Gaza, labor shortages.
• Labor quality emerged as the top issue for 21% of respondents, while poor sales reached their highest level since February 2021.
• A net 28% of owners plan to raise prices, down four points from June but remaining well above historical norms.
• The White House has defended its tariff strategy as a means to rebuild domestic prosperity.