Topics:
Small Business Optimism Dips in September as Inflation Remains Top Problem
Small Business Optimism Dips in September as Inflation Remains Top Problem
October 10, 2023
Small Business Optimism Dips in September as Inflation Remains Top Problem
- Small business owners expecting better business conditions over the next six months deteriorated six points from August to a net negative 43% seasonally adjusted, however, 18 percentage points better than last June’s reading of net negative 61% and definitely at recession levels.
- Forty-three percent (seasonally adjusted) of owners reported job openings that were hard to fill, up three points from August and remaining historically high as owners can’t hire enough workers due to few qualified applicants.
- Seasonally adjusted, a net 23% plan to raise compensation in the next three months, down three points from August.
- The net percent of owners raising average selling prices increased two points to a net 29% seasonally adjusted, still a very inflationary level.
- The net percent of owners who expect real sales to be higher increased one point from August to a net negative 13% (seasonally adjusted), still a very dismal posture.
Get to know NFIB
NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.
Related Articles

August 22, 2025
Rep. Gonzales Tours Small Business in Alpine, Texas
NFIB thanks Rep. Gonzales for standing up for Main Street by making the 20%…
Read More

August 22, 2025
NFIB Releases New Ads Thanking Congress for Making the 20% Smal…
WASHINGTON, D.C. (Aug. 22, 2025) – The National Federation of Independe…
Read More

August 21, 2025
Rep. Schmidt Participates in Roundtable With Local Small Busine…
The roundtable featured a discussion of the pro-small business wins secured…
Read More

August 20, 2025
Colorado Small Business Owners Warn Against Special Session Cas…
“Small business owners wear many hats, but an unpaid tax collector should…
Read More