11.11.202511:04:45UTC+00US Small Business Optimism Down in October

The NFIB Small Business Optimism Index in the United States dropped to 98.2 in October 2025, marking a six-month low, down from 98.8 in September and slightly below the anticipated 98.3. According to NFIB Chief Economist Bill Dunkelberg, "Optimism among small businesses has slightly declined due to reports of lower sales and reduced profits. Many firms are still grappling with a labor shortage and wish to hire but face difficulties, with labor quality being the primary concern on Main Street." Notably, 32% of business owners reported unfilled job openings, consistent for the second month in a row. Additionally, 27% of small business owners identified labor quality as their most significant challenge, a 9-point increase from September. A net negative 13% of owners reported an increase in nominal sales over the past three months, a 6-point decline from September. Furthermore, both actual and planned price increases have decreased since the previous month, and the net percentage of owners anticipating improved business conditions dropped 3 points to a net 20%.