United States NFIB Business Optimism Index

Last Release

Mar 31, 2025

Actual

97.4

Units In

Points

100.7

Frequency

Monthly

Next Release

May 13, 2025

Time to Release

1 Months 0 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
108.8 Aug 2018	80.1 Apr 1980	97.98 Points	1975-2025	National Federation of Independent Business

NFIB Small Business Optimism Index is a composite of ten seasonally adjusted components calculated based on the answers of around 620 NFIB members. This questions include: plans to increase employment, plans to make capital outlays, plans to increase inventories, expect economy to improve, expect real sales higher, current inventory, current job openings, expected credit conditions, now a good time to expand, and earnings trend.

Latest Updates

The NFIB Small Business Optimism Index fell 3.3 points to 97.4 in March 2025, its lowest level since October 2024 and well below the market expectation of 101.3. This also marks the largest decline since June 2022. Meanwhile, the Uncertainty Index fell to 96, down eight points from February’s second-highest reading on record. Small business owners have tempered their sales growth expectations, with a decline of 11 points to a net 3%, as they gain a clearer understanding of how new policy priorities affect their operations. Additionally, the percentage of owners anticipating better business conditions dropped 16 points to a net 21%, marking the third consecutive monthly decline and the largest drop since December 2020. Other decreases were recorded for: earnings trends (-4 points to a net -28%); plans to increase employment (-3 points to 12%); now a good time to expand (-3 points to 9%); current inventory (-2 points to -7%); expected credit conditions (-1 point to -4%).