The National Federation of Independent Business Small Business Optimism Index fell slightly in October but the organization’s uncertainty index fell six points to its lowest level since December 2025.
The optimism index was 97.8, down 0.1 points from September and slightly below the 53-year average of 98.0.
The Uncertainty Index fell 6 points from the 84 recorded in September.
“There was little change in optimism among small businesses in October as owners navigated enduring challenges, though there were some encouraging developments,” NFIB Chief Economist Bill Dunkelberg said in a press release.
“Even with inflation pressures continuing to strain operations, more Main Street owners reported their businesses in good or excellent health, and actual sales improved,” he said.
Dunkelberg said continued strength in consumer spending will support economic growth, but persistent inflation, labor shortages and policy risks will weigh on the small business outlook.
In Wisconsin, small businesses remain resilient, according to NFIB Wisconsin State Director Luke Bacher.
“Although uncertainty has moderated and owners are feeling somewhat better about future business conditions, many continue to struggle with hiring qualified workers and managing high costs,” Bacher said in a press release.
“Addressing those challenges during the next legislative session will be essential to ensuring Main Street businesses can continue to grow and create jobs throughout Wisconsin.”
