NFIB’s June Small Business Economic Trends report saw improvement from recent months but shows small businesses are still dealing with inflationary pressures. Small business optimism increased 2.1 points to 97.4, just below the historical average of 98. The main drivers in the increase were significant improvements in expected better business conditions and real sales expectations. The Uncertainty Index fell two points in June, while the Employment Index continued to remain relatively flat.

Small Business by the Numbers, the NFIB Research Center’s podcast, released a new episode covering these key findings and what the data means for Main Street businesses. Hosts Holly Wade and Peter Hansen discuss primary movers in the indexes, inflation pressures, and important labor questions for small businesses.

Key findings in June’s report include:

• Inflation has greatly impacted small businesses, with 21% of business owners reporting it as their top problem, hitting its highest reading since October 2024. 

• The Uncertainty Index fell two points to 89 but remains far above the historical average of 68. Concerns on inflation still weigh heavy on Main Street. 

• Job openings and hiring plans rebounded from their low readings in May, showing slight improvement in the small business labor market. 

• The net percent of small business owners expecting better business conditions over the next six months rose 10 points, showing improvement for the first time this year. 

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 June 2026.