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US: NFIB Small Business Optimism Index
| Consensus | Consensus Range | Actual | Previous | |
| Index | 99.4 | 99.0 to 99.7 | 98.7 | 99.8 |
Highlights
US NATL FEDERATION OF INDEPENDENT BUSINESSES SMALL BUSINESS OPTIMISM INDEX 98.7 IN AUGUST VS 99.8 IN JULY; 100.8 IN AUGUST 2025 (99.4 was Econoday consensus forecast for latest month)
US NFIB SMALL BUSINESS OPTIMISM INDEX: 2 OF 10 COMPONENTS UP, 6 DOWN, 2 UNCHANGED IN AUGUST
US NFIB SMALL BUSINESS INDEX: LARGEST UPWARD MOVE IN AUGUST 2 POINTS TO -2% IN CREDIT CONDITION
US NFIB SMALL BUSINESS INDEX: LARGEST MOVE DOWN IN AUGUST 5 POINT TO 10% FOR EXPECTATIONS FOR THE ECONOMY TO IMPROVE
US NFIB SMALL BUSINESS INDEX: AUGUST INDEX ABOVE 52-YEAR AVERAGE OF 98 FOR SECOND MONTH IN A ROW
US NFIB UNCERTAINTY INDEX 89 IN AUGUST VS 91 IN JULY; 93 IN AUGUST 2025; WELL ABOVE HISTORICAL AVERAGE OF 68
US NFIB SMALL BUSINESS INDEX: 23% OF OWNERS REPORTED THAT QUALITY OF LABOR WAS THEIR SINGLE MOST IMPORTANT PROBLEM IN AUGUST
Market Consensus Before Announcement
A slight erosion in business sentiment expected to 99.4 in August from 99.8 in July as energy costs rebound.
Definition
The small business optimism index is compiled from a survey that is conducted each month by the National Federation of Independent Business (NFIB) of its members. The index is a composite of 10 seasonally adjusted components based on the following questions: 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.
Description
Small businesses are responsible for a majority of new job creation and the NFIB focuses on this sector of the economy. The direction of the health of small businesses can portend changes in the stock market - especially small caps.
