NFIB’s April Small Business Economic Trends report saw small business optimism stabilize with a 0.1-point increase to the Optimism Index. The Index remains below the 52-year average for the second consecutive month. NFIB’s new Employment Index declined from 101.6 to 100.4, still above the historical average. The above average reading aligns with sentiments from small business owners who selected labor quality as their single most important problem in April.

The NFIB Research Center’s podcast, Small Business by the Numbers, released a new episode exploring the data within the indexes of the Small Business Economic Trends report. Experts also weigh in on how small business owners are adjusting to inflated fuel costs and why business owners’ economic expectations are down despite an increase in earnings trends for the month.

Key findings in April’s report include:

• April’s Optimism Index stabilized, seeing a slight increase to 95.9, below the historical average of 98. A decline in expectations for economic conditions to improve and an increase in earnings trends were competing forces in the index. 

• The Uncertainty Index fell four points to 88 but still well above the historical average of 68. Uncertainty for many business owners remains high due to policy shifts impacting higher prices. 

• The net percent of business owners expecting better business conditions fell seven points in April, marking the fourth consecutive decline and reaching its lowest level since October 2024. 

• Labor quality emerged as the single most important problem for small business in April, with 18% of owners citing it as their top issue. Concerns about taxes and inflation were also top problems for small business owners. 

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 April 2026.