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

June 20, 2025
Small Businesses Ask Court to Protect the Rights of Property Ow…
NFIB filed an amicus brief in the case Cynthia Fisher, et al. v. City of Oc…
Read More

June 20, 2025
U.S. Supreme Court Affirms Small Business Right to Challenge Ha…
NFIB applauds today’s U.S. Supreme Court ruling in the case Diamond Alter…
Read More

June 18, 2025
Small Business Optimism Above Average in May
Optimism is up three points in May, with expected business conditions and s…
Read More

June 17, 2025
NFIB Iowa Applauds Legislative Wins for Small Businesses
NFIB Iowa highlights small business wins from the 91st General Assembly
Read More