The Small Business Optimism Index for October was 98.2, down 0.6 points from September remaining above its 52-year average of 98. Of the 10 Optimism Index components, four increased, five decreased, and one stayed the same. The Uncertainty Index fell 12 points from September to 88, the lowest reading of this year (but historically high).
In October, 32% (seasonally adjusted) of all owners reported job openings they could not fill in the current period, unchanged for the second consecutive month. 28% had openings for skilled workers (unchanged from September), and 11% had openings for unskilled labor (down 2 points). A seasonally adjusted net 15% of owners plan to create new jobs in the next three months, down 1 point from September. This marks the first decline since hiring plans started to increase in May 2025. Overall, 56% reported hiring or trying to hire in October, down 2 points from September.
A net -13% of all owners (seasonally adjusted) reported higher nominal sales in the past three months, down 6 points from September. The net percent of owners expecting higher real sales volumes fell 2 points from September to a net 6% (seasonally adjusted).
The net percent of owners expecting higher real sales volumes fell 4 points from August to a net 8% (seasonally adjusted). The net percentage of owners reporting inventory gains rose 3 points to a net -3% (seasonally adjusted)
A net 5% reported their last loan was harder to get than in previous attempts, down 2 points from September’s highest reading of this year. In October, a net 1% of owners reported paying a higher interest rate on their most recent loan, down 6 points from September. The average rate paid on short maturity loans was 8.7% in October, down 0.1 points from September.
Read the NFIB report
