Small-business optimism barely changes as uncertainty falls and price plans rise
NFIB's October index edged down to 97.8, while more owners planned price increases and reported jobs they could not fill.
U.S. small-business optimism was nearly unchanged in October, NFIB said Tuesday. Its Optimism Index slipped 0.1 point to 97.8, just below its long-term average of 98.0, while its Uncertainty Index fell 6 points to 84, the lowest since December 2025.
The survey showed a better assessment of business health: 54% of owners described their business as good, up 6 points, and 15% called it excellent, up 2 points. Eleven percent said it was a good time to expand, up 4 points from September.
Price pressures have not disappeared
A seasonally adjusted net 37% of owners planned to raise prices in the next three months, up 6 points and the highest reading since July 2022. A net 33% reported already raising selling prices, up 2 points.
Hiring remained difficult. NFIB said 36% of owners had job openings they could not fill, up 4 points, and 25% named labor quality or availability as their biggest operating problem. Taxes were next at 21%, up 10 points.
The October survey describes conditions before last week's midterm election. Its fall in uncertainty should not be treated as a measured reaction to the election result. The survey also measures owners' views and plans, not the consumer inflation rate; October's consumer price index is due separately at 8:30 AM ET.
