The NFIB Research Center launched a new podcast called Small Business by the Numbers, providing critical analysis on the small business economic landscape. Hear discussions on everything related to small businesses, including results from NFIB’s monthly Small Business Economic Trends survey and how economic conditions are impacting them. 

Co-hosts Holly Wade and Peter Hansen will break down the data on a variety of issues, giving listeners a greater perspective on the current state of the small business economy. NFIB’s first Small Business by the Numbers episode highlights results from the October Small Business Economic Trends report and how economic conditions might shift in the near term.  

Listen to full episodes now to stay up to date on small business trends and data.  

Small Business Economic Trends report: 

The October Small Business Economic Trends report showed that optimism remains relatively steady with a slight decline, while uncertainty saw a dramatic fall. The NFIB Small Business Optimism Index slipped 0.6 points to 98.2, just above the historical average of 98. The Small Business Uncertainty Index saw a significant drop of 12 points from September to 88, its lowest reading this year.   

Labor quality has emerged as the top issue for small businesses, with 27% of business owners reporting it as their top problem, a 9 point increase from September’s reading. This is the highest level since the record high of 29% in November 2021.  

Key findings include:  

• A seasonally adjusted 32% of small business owners reported job openings they could not fill, unchanged for the second straight month. Before August, the last time readings were at 32% was December 2020.  

• A seasonally adjusted net 15% of business owners plan to create new jobs in the next three months, down 1 point from September. This marks the first decline since May 2025.  

• A net negative 13% of all owners (seasonally adjusted) reported higher nominal sales in the past three months, down 6 points from September.   

• In October, 32% of respondents reported jobs they could not fill, with 56% of businesses total hiring or trying to hire. Of the 58% of businesses hiring, 88% reported few to no qualified applicants were found for the positions.  

• Overall, current business health in October declined slightly from September, with the net percentage of business owners expecting better business conditions dropping three points to a net 20% but remaining above the historical average.   

The NFIB Research Center has collected Small Business Economic Trends data with quarterly surveys since the fourth quarter of 1973 and monthly surveys since 1986. Survey respondents are randomly drawn from NFIB’s membership. The report is released on the second Tuesday of each month. This survey was conducted in October 2025.