The NFIB Small Business Optimism Index rose by 2.2 points in October to 93.7. This is the 34th consecutive month below the 50-year average of 98. The Uncertainty Index rose seven points to 110, the highest reading recorded.
Key findings include:
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A net negative 20% of all owners (seasonally adjusted) reported higher nominal sales in the past three months, down three points from September and the lowest reading since July 2020;
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Seasonally adjusted, a net 31% reported raising compensation, down one point from September and the lowest since April 2021;
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The net percent of owners expecting higher real sales volumes rose five points to a net negative 4% (seasonally adjusted), the highest reading of this year;
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A net 5% of owners reported paying a higher rate on their most recent loan, down seven points from September and the lowest reading since January 2022;
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Thirty-five percent (seasonally adjusted) of all owners reported job openings they could not fill in the current period, up one point from September; and
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Twenty-three percent of owners reported that inflation was their single most important problem in operating their business (higher input and labor costs), unchanged from September.
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