The Small Business Optimism Index increased by 3 points in May to 98.8, slightly above the 51-year average of 98. Of the 10 Optimism Index components, seven increased, two decreased, and one was unchanged. Expected business conditions and sales expectations contributed the most to the rise in the Index. The Uncertainty Index rose 2 points from April to 94, the historical average is 68.

Small Business Trends & Research
The NFIB Research Center promotes greater understanding of small business and the conditions that impact it. The Center produces and disseminates various surveys and studies on small business, focusing on areas related to public policy’s effects.
Small Business Economic Trends Survey (SBET)

SBET Report
The NFIB Research Center releases a Small Business Economic Trends (SBET) data on the second of Tuesday each month.
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Jobs Report
A monthly SBET jobs report emphasizing the overall health and operation of the economy, including employment, labor costs, budgets, and more.
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Quarterly Industry Report
A quarterly Small Business Economic Trends industry report highlighting the construction, manufacturing, retail, and services industries.
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SBET Report
The NFIB Research Center releases a Small Business Economic Trends (SBET) data on the second of Tuesday each month.
Read More

Jobs Report
A monthly SBET jobs report emphasizing the overall health and operation of the economy, including employment, labor costs, budgets, and more.
Read More

Quarterly Industry Report
A quarterly Small Business Economic Trends industry report highlighting the construction, manufacturing, retail, and services industries.
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Additional NFIB Research Publications

Problems and Priorities
This is the eleventh edition of this publication. The volumes are among the…
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Small Business Tax Surveys
The 2024 NFIB Tax Survey assessed small business owners’ biggest tax chal…
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EY Tax Report
The EY (formerly Ernst & Young) macroeconomic analysis, released in conjunc…
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Small Business and Technology
The adoption of new or updated technology by small businesses is crucial to…
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2024 Small Businesses’ Contribution to the Community
This report provides insight into how and why small businesses contribute t…
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NFIB Banking Survey Part I: May 2023
Small business banking is an essential component to business operations. Th…
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NFIB Banking Survey Part II: August 2023
This report is a follow-up to the banking survey NFIB released in April 202…
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Financing Sales Survey: December 2023
This report is the third report in the 2023 small business credit survey se…
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NFIB Small Business and Inflation
Small employers were asked a series of questions on how the current state o…
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The U.S. Debt and Debt Limit Explained
The current U.S. debt is about $31.5 trillion. The current U.S. debt limit,…
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Small Business Health Insurance Survey
This survey offers data that is not otherwise widely available to better
u…
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Small Business Introduction to the Tax Cuts and Jobs Act: Part…
The Tax Cuts and Jobs Act (TCJA) was signed into law December 22, 2017. The…
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The Tax Cuts and Jobs Act: One Year Later Part II
The U.S. federal tax code underwent significant restructuring over the last…
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NFIB Research’s Monthly Newsletter
June 2025
News Analysis
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July 2, 2025
Small Business Owner Testifies Before U.S. House Committee on W…
Virginia NFIB member and small business owner Joshua Phelps spoke to the U….
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June 27, 2025
A Small Business View on the 2025 New Hampshire Legislative Ses…
Rep. Brian Labrie (Bedford), an NFIB member and small business owner, share…
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June 27, 2025
READ: NFIB NH Op-Ed Opposes Higher Health Insurance Taxes
Proposed tax would’ve hit small business health coverage.
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June 26, 2025
NFIB Virginia Members Testifies Before Congressional Subcommitt…
“Health coverage is not the same as health care.”
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