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Economic Data (USA)

Tuesday, October 10, 2017

NFIB Small Business Optimism Index for September 2017

The National Federation of Independent Business® (NFIB®) released its Small Business Optimism Index for September 2017:


Predicted: 105.4
Actual: 103.0

  • Change from Previous Month: -2.184%.
  • Change from 12 Months Previous: +9.458%


NFIB Small Business Optimism Index - September 2017
NFIB Small Business Optimism Index - September 2017

From today's report:

"...The NFIB Index of Small Business Optimism tumbled in September from 105.3 to 103 led by a steep drop in sales expectations, not just in hurricane-affected states, but across the country.

'The temptation is to blame the decline on the hurricanes in Texas and Florida, but that is not consistent with our data,' said Juanita Duggan, NFIB President and CEO. 'Small business owners across the country were measurably less enthusiastic last month.'

The number of small business owners who expected better sales plunged a net 12 points last month.  Owners who think that it’s a good time to expand dropped a net 10 points. Also within the Index, expected better business conditions (-6) and capital expenditure plans (-5) retreated in September.

'The drop-off was consistent around the country regardless of region, and it’s likely that members in Florida and Texas were underrepresented in this survey because of the obvious disruptions,' said NFIB Chief Economist Bill Dunkelberg. 'The adjusted average employment change per firm dipped to -0.17, which is a significant drop in hiring activity.

'The Index remains very high by historical standards,' he continued. 'Small business owners still expect policy changes from Washington on health care and taxes, and while they don’t know what those changes will look like, they expect them to be an improvement. But the frothy expectations they’ve had in the previous few months clearly slipped in September.'..."


  • Small business survey questions can be found at the end of today's report.
  • The baseline "100" score is associated with 1986 survey data.

The previous month's Small Business Optimism Index was 105.3.


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