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Home Economy

The NFIB Small Business Optimism Index fell to 98.8 in September

October 14, 2025
Reading Time: 1 min read
Poll: Small business owners optimistic about the future

The Small Business Optimism Index for September was 98.8. This was the first decline in three months as the index fell 2.0 points from August, though it remains above its 52-year average of 98. Of the 10 Optimism Index components, two increased, five decreased, and three stayed the same. The Uncertainty Index rose 7 points from August to 100, the fourth-highest reading in over 51 years.

In September, 32% (seasonally adjusted) of all owners reported job openings they could not fill in the current period, unchanged from August. 28% had openings for skilled workers (unchanged), and 13% had openings for unskilled labor (unchanged). A seasonally adjusted net 16% of owners plan to create new jobs in the next three months, up 1 point from August and the fourth consecutive monthly increase. Hiring plans are at their highest level since January. Overall, 58% reported hiring or trying to hire in September, up 5 points from August.

A net negative 7% of all owners (seasonally adjusted) reported higher nominal sales in the past three months, up 2 points from August, as more firms reported declining sales than reported gains.

The net percent of owners expecting higher real sales volumes fell 4 points from August to a net 8% (seasonally adjusted). The net percent of owners reporting inventory gains rose 3 points to a net -3% (seasonally adjusted)

A net 7% reported their last loan was harder to get than in previous attempts, up 4 points from August and the highest reading of the year. In September, a net 7% of owners reported paying a higher interest rate on their most recent loan, up 1 point from August. The average rate paid on short maturity loans was 8.8% in September, up 0.7 points from August.

Read the NFIB report

Tags: NFIBSmall business optimism
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