CHEYENNE (Dec. 9, 2025) – The NFIB Small Business Optimism Index rose 0.8 points in November to 99.0 and remained above its 52-year average of 98. Of the 10 Optimism Index components, six increased, three decreased, and one was unchanged. An increase in those expecting real sales to be higher contributed most to the rise in the Optimism Index. The Uncertainty Index rose 3 points from October to 91. An increase in owners reporting uncertainty about capital expenditure plans over the next three to six months was the primary driver of the rise in the Uncertainty Index.

“Although optimism increased, small business owners are still frustrated by the lack of qualified workers,” said NFIB Chief Economist Bill Dunkelberg. “Despite this, more firms still plan to create new jobs in the near future.”

“Finding qualified applicants to fill open positions remains a real challenge for our members here in Wyoming,” NFIB State Director Michael Smith said. “Small business owners are trying to meet their customers’ needs and plan ahead, but rising costs and an ongoing labor shortage are making it more difficult.”

In conjunction with the November report, NFIB also released a new episode of the “Small Business by the Numbers” podcast. This is the NFIB Research Center’s new podcast where co-hosts Holly Wade, the Executive Director of the NFIB Research Center, and Peter Hansen, Director of Research and Policy Analysis, discuss the data, stories, and economic conditions affecting small businesses nationwide. Listen to the latest episode here.

Key findings include:

• In November, the net percent of owners raising average selling prices rose 13 points from October to a net 34% (seasonally adjusted), the highest reading since March 2023 and the largest monthly jump in the survey’s history.
• In November, 21% of small business owners cited labor quality as their single most important problem, down 6 points, erasing most of October’s sudden increase. Labor quality ranked as the top problem, 6 points ahead of inflation, which ranked second.
• The net percent of owners expecting higher real sales volumes rose 9 points from October to a net 15% (seasonally adjusted). This component contributed the most to the rise in the Optimism Index.
• The average rate paid on short maturity loans was 7.9% in November, down 0.8 points from October and the lowest level since May 2023.
• When asked to evaluate the overall health of their business, 11% reported it as excellent (down 1 point), and 53% reported it as good (up 2 points). Thirty percent reported the health of their business as fair (down 3 points), and 5% reported it as poor (up 1 point).
• In November, 64% of small business owners reported that supply chain disruptions were affecting their business to some degree, up 4 points from October.
• The net percent of owners expecting better business conditions fell 5 points from October to a net 15% (seasonally adjusted). Expectations for better business conditions have fallen by 32 points since January.

As reported in NFIB’s monthly jobs report, a seasonally adjusted 33% of all small business owners reported job openings they could not fill in November, up 1 point from October and the first increase since June. Unfilled job openings remain well above the historical average of 24%. Of the 56% of owners hiring or trying to hire in November, 89% reported few or no qualified applicants for the positions they were trying to fill. A seasonally adjusted net 19% of owners plan to create new jobs in the next three months, up 4 points from October and the highest reading of the year. The last time hiring plans reached this level was in December 2024.

In November, 21% of small business owners cited labor quality as their single most important problem, down 6 points, erasing most of October’s increase. Fifteen percent of owners reported that inflation was their single most important problem in operating their business, up 3 points from October, making it the second biggest issue. Fourteen percent of small business owners reported taxes as their single most important problem, down 2 points from October. The percent of small business owners reporting government regulations and red tape as their single most important problem rose 3 points to 10%.

Labor costs reported as the single most important problem for business owners remained at 8%.

Fifty-two percent of small business owners reported capital outlays in the last six months, down 3 points from October. Of those making expenditures, 37% reported spending on new equipment (up 1 point), 19% acquired vehicles (down 3 points), and 14% improved or expanded facilities (unchanged). Ten percent spent money on new fixtures and furniture (down 3 points), and 5% acquired new buildings or land for expansion (up 2 points). Twenty percent (seasonally adjusted) plan capital outlays in the next six months, down 3 points from October. Historically, this is a weak reading.

A net negative 9% of all owners (seasonally adjusted) reported higher nominal sales in the past three months, up 4 points from October. The net percent of owners expecting higher real sales volumes rose 9 points from October to a net 15% (seasonally adjusted). This component contributed the most to the rise in the Optimism Index.

The net percent of owners reporting inventory gains fell 1 point to a net negative 7% (seasonally adjusted). Not seasonally adjusted, 12% reported increases in stocks (up 2 points), and 18% reported reductions (up 3 points). A net negative 1% (seasonally adjusted) of owners viewed current inventory stocks as “too low” in November, up 3 points from October. A net negative 1% (seasonally adjusted) of owners plan inventory investment in the coming months, up 1 point from October.

In November, 64% of small business owners reported that supply chain disruptions were affecting their business to some degree, up 4 points from October. Seven percent reported a significant impact (up 3 points), 19% reported a moderate impact (up 2 points), 38% reported a mild impact (down 1 point), and 35% reported no impact (down 4 points).

Inflation is a point of concern in the November data. The net percent of owners raising average selling prices rose 13 points from October to a net 34% (seasonally adjusted), the highest reading since March 2023 and the largest monthly jump in the survey’s history. Price increases remain well above the monthly average of a net 13%, suggesting continued inflationary pressure.

Unadjusted, 39% reported higher average prices (up 8 points), and 8% reported lower average selling prices (down 4 points). Looking forward to the next three months, a net 30% (seasonally adjusted) plan to increase prices (unchanged from October).

Fifteen percent of owners reported that inflation was their single most important problem in operating their business, up 3 points from October and ranking second after labor quality.

Seasonally adjusted, a net 26% reported raising compensation, unchanged from October. A seasonally adjusted net 24% plan to raise compensation in the next three months, up 5 points from October.

The frequency of reports of positive profit trends rose 2 points from October to a net -23% (seasonally adjusted). Among owners reporting lower profits, 27% blamed weaker sales, 16% cited the rise in the cost of materials, and 12% cited labor costs. Nine percent reported usual seasonal change, and 7% cited price change for their product(s) or service(s). Among owners reporting higher profits, 51% cited sales volume, 18% cited usual seasonal change, and 12% cited higher selling prices.

A net 4% reported their last loan was harder to get than in previous attempts, down 1 point from October. In November, a net 2% of owners reported paying a higher interest rate on their most recent loan, up 1 point from October. The average rate paid on short maturity loans was 7.9% in November, down 0.8 points from October and the lowest level since May 2023. Twenty-three percent of all owners reported borrowing regularly, unchanged from October and a historically low level.

When asked to evaluate the overall health of their business, 11% reported it as excellent (down 1 point), and 53% reported it as good (up 2 points). Thirty percent reported the health of their business as fair (down 3 points), and 5% reported it as poor (up 1 point).

The net percent of owners expecting better business conditions fell 5 points from October to a net 15% (seasonally adjusted). Expectations for better business conditions have fallen 32 points since January.

In November, 13% (seasonally adjusted) reported that it is a good time to expand their business, unchanged from October. Compared to readings during economic expansions, this is a relatively weak reading.

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 November 2025.