Overview

• The NFIB Small Business Optimism Index rose 0.5 point to 100.8, nearly 3 points above its 52-year average.
• A net 12% of owners expect higher real sales over the next three months, the biggest driver of the gain.
• The Uncertainty Index eased four points to 93, though it remains high by historical standards.
• Hiring stayed tight as 32% reported unfilled job openings, with labor quality the top concern and construction facing the most acute shortages.
• Price pressures cooled with 21% raising prices, investment plans stayed muted despite new tax breaks, and short-term borrowing costs fell to the lowest since mid-2023.