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Economic Data (USA)

Tuesday, December 14, 2021

NFIB Small Business Optimism Index for November 2021

The National Federation of Independent Business® (NFIB®) released its Small Business Optimism Index for November 2021:


Predicted: 98.5
Actual: 98.4

  • Change from Previous Month: +0.204% (+0.2 point.)
  • Change from 12 Months Previous: -2.959% (-3.0 points.)


CHART: NFIB Small Business Optimism Index - November 2021 Update

CHART: NFIB Small Business Optimism Index
November 2021 Update


From today's report:

"...'As the end of the year nears, the outlook for business conditions is not encouraging to small business owners as lawmakers propose additional mandates and tax increases,' said NFIB Chief Economist Bill Dunkelberg. 'Owners are also pessimistic as many continue managing challenges like rampant inflation and supply chain disruptions that are impacting their businesses right now.'..."

-- Owners expecting better business conditions over the next six months decreased one point to a net negative 38%, tied for the 48-year record low reading. This indicator has declined 18 points over the past four months to its lowest reading since November 2012.

-- The net percent of owners raising selling prices increased six points to a net 59% (seasonally adjusted), the highest reading since October 1979.

-- Seasonally adjusted, a net 54% of owners plan price hikes, up three points from October and a 48-year record high reading.

-- Forty-eight percent of owners reported job openings that could not be filled, a decrease of one point from October.


  • 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 98.2.




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