Small Business Optimism Remains Unchanged in October

The NFIB Small Business Optimism Index remained unchanged in October, measuring 104 points. While business conditions have improved, many respondents reported increased uncertainty driven by the elections and uncertain conditions in future months due to the ongoing COVID-19 pandemic.

A seasonally adjusted net 18.0% of owners plan to create new jobs, down 5 points. The percent of owners thinking it’s a good time to expand remained unchanged at 13.0%. Thirty-three percent of respondents reported job openings they could not fill in the current period, down 3 points from September’s number.

A net 6.0% of all owners reported higher nominal sales in the past three months, up 12 points from September. The net percent of owners expecting higher real sales volumes increased 3 points to a net 11.0% of owners.

Three percent of owners reported in that their borrowing needs were not fully satisfied. Twenty-nine percent reported all credit needs met (down 4 points) and 56.0% said they were not interested in a loan (up 1 points). A net 3.0% reported their last loan was harder to get than in previous attempts (up 1 point).

Read the NFIB report.