NFIB Small Business Optimism Index Rose 0.8 Points to 99 in Nov.

Washington, DC, December 9, 2025-The NFIB Small Business Optimism Index rose 0.8 points in November to 99.0 and remained above its 52-year average of 98. 

Of the ten Optimism Index components, six increased, three decreased, and one was unchanged. An increase in those expecting real sales to be higher contributed most to the rise in the Optimism Index. The Uncertainty Index rose three points from October to 91. An increase in owners reporting uncertainty about capital expenditure plans over the next three to six months was the primary driver of the rise in the Uncertainty Index.

“Although optimism increased, small business owners are still frustrated by the lack of qualified workers. Despite this, more firms still plan to create new jobs in the near future.”

NFIB chief economist Bill Dunkelberg.

Key findings include:

• In November, the net percent of owners raising average selling prices rose 13 points from October to a net 34% (seasonally adjusted), the highest reading since March 2023 and the largest monthly jump in the survey’s history.
• In November, 21% of small business owners cited labor quality as their single most important problem, down six points, erasing most of October’s sudden increase. Labor quality ranked as the top problem, six points ahead of inflation, which ranked second.
• The net percent of owners expecting higher real sales volumes rose nine points from October to a net 15% (seasonally adjusted). This component contributed the most to the rise in the Optimism Index.
• The average rate paid on short maturity loans was 7.9% in November, down 0.8 points from October and the lowest level since May 2023.
• When asked to evaluate the overall health of their business, 11% reported it as excellent (down one point), and 53% reported it as good (up two points). Thirty percent reported the health of their business as fair (down three points), and 5% reported it as poor (up one point).
• In November, 64% of small business owners reported that supply chain disruptions were affecting their business to some degree, up four points from October.
• The net percent of owners expecting better business conditions fell five points from October to a net 15% (seasonally adjusted). Expectations for better business conditions have fallen by 32 points since January.