The Small Business Optimism Index for February was 98.8, down 0.5 points from January. The Index remains slightly above its 52-year average of 98 but marks the second consecutive monthly decline. The Uncertainty Index fell 3 points from January to 88.
In February, 33% (seasonally adjusted) of all owners reported job openings they could not fill in the current period, up 2 points from January. 28% had openings for skilled workers (up 3 points), and 10% had openings for unskilled labor (unchanged). A seasonally adjusted net 12% of owners plan to create new jobs in the next three months, down 4 points from January and the lowest level since May 2025. Overall, 54% reported hiring or trying to hire in February, up 4 points from January. In February, 15% of small-business owners cited labor quality as their single most important problem, down 1 point from January and the fourth consecutive monthly decline.
A seasonally adjusted net 1% of all owners (seasonally adjusted) reported higher nominal sales in the past three months, up 7 points from January. The percent reporting actual sales gains are now close to the historical average of a net 0%. The last time actual sales were this high was in May 2022.
The net percent of owners expecting higher real sales volumes over the next quarter fell 8 points from January to a net 8% (seasonally adjusted). The net percent of owners reporting inventory gains fell 6 points to a net -3% (seasonally adjusted).
A net 5% reported their last loan was harder to get than in previous attempts, up 2 points from January and close to the historical average of a net 6%. In February, a net -3% of owners reported paying a higher interest rate on their most recent loan, up 3 points from January.
Read the NFIB report.
