The Small Business Optimism Index declined by 0.2 of a point in June to 98.6, slightly above the 51-year average of 98, according to the National Federation of Independent Business. Of the 10 Optimism Index components, four increased, four decreased and two remained unchanged. Inventory satisfaction contributed the most to the decline in the Index. The Uncertainty Index decreased by five points from May to 98.
In June, 36% (seasonally adjusted) of all owners reported job openings they could not fill in the current period, up two points from May. Thirty percent had openings for skilled workers (unchanged), and 13% had openings for unskilled labor (unchanged for the fifth consecutive month). The difficulty in filling open positions is particularly acute in the construction, manufacturing, and transportation industries. Openings were the lowest in the finance and agriculture industries. Job openings in construction were up five points from last month, and up two points from June 2024.
A net negative 5% of all owners (seasonally adjusted) reported higher nominal sales in the past three months, up eight points from May. This is the highest reading since January 2023 and the largest monthly jump since April 2021.
The net percent of owners expecting higher real sales volumes fell three points from May to a net 7% (seasonally adjusted). Not seasonally adjusted, 14% reported increases in stocks (unchanged) and 18% reported reductions (up two points).
A net 5% reported their last loan was harder to get than in previous attempts, up one point from May. Three percent reported that financing and interest rates were their top business problem in June, down two points from May. In June, a net 9% of owners reported paying a higher rate on their most recent loan, up two points from May.
Read the NFIB report
