Uncertainty index holds elevated at 89, above its historical average
The National Federation of Independent Business said its small-business optimism index decreased 1.1 points to 98.7 in August, according to a Wall Street Journal report. The August reading remained above the 52-year average and came after July’s level reached the highest since August 2025, the trade group said.
The NFIB survey provides a monthly snapshot of small businesses in the United States, a sector the organization says accounts for nearly half of private-sector jobs. Small businesses tend to be more sensitive than larger firms to sudden price fluctuations, higher interest rates, and broader economic uncertainty.
A seasonally adjusted net 17% of owners said they plan to create new jobs in the next three months, down three points from July. Expectations for better business conditions in the coming months fell five points to a net 10%.
A seasonally adjusted net negative 9% of owners reported higher nominal sales in the past three months — the lowest reading since November 2025, the NFIB survey said.
Reports of inflation as the single most important problem facing their business rose two points in August to 16%. “Uncertainty remains elevated among small business owners as they face a mixed set of challenges with weakened sales, supply chain disruptions, and inflation pressures,” said NFIB Chief Economist Bill Dunkelberg.
The NFIB uncertainty index fell two points to 89 in August but remained above its historical average of 68.
The Wall Street Journal’s Jessica Coacci reported the story.