NFIB Small Business Optimism Index for January 2022

The National Federation of Independent Business® (NFIB®) released its Small Business Optimism Index for January 2022:

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Predicted: 97.0
Actual: 97.1

• Change from Previous Month: -1.82% (-1.8 points.)

• Change from 12 Months Previous: +2.211% (+2.1 points.)

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CHART: NFIB Small Business Optimism Index
January 2022 Update

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From Today's Report:

"...'More small business owners started the New Year raising prices in an attempt to pass on higher inventory, supplies, and labor costs,' said NFIB Chief Economist Bill Dunkelberg. 'In addition to inflation issues, owners are also raising compensation at record high rates to attract qualified employees to their open positions.'

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The Optimism Index decreased slightly in January by 1.8 points to 97.1. One of the 10 Index components improved, seven declined and two were unchanged. Twenty-two percent of owners reported that inflation was their single most important problem. Owners expecting better business conditions over the next six months increased 2 points to a net negative 33 percent. Forty-seven percent of owners reported job openings that could not be filled, decrease of 2 points from December. Inventory accumulation plans fell 5 percentage points. A 48-year record high percent of owners reported raising worker compensation. The net percent of owners raising average selling prices increased 4 points to a net 61 percent seasonally adjusted, the highest reading since Q4 1974.

Key Findings Include:

-- One of the Index components improved, seven declined, and two were unchanged.

-- Owners expecting better business conditions over the next six months increased two points to a net negative 33%. Small business owners remain pessimistic about future economic conditions as this indicator has declined 13 points over the past six months.

-- Forty-seven percent of owners reported job openings that could not be filled, a decrease of two points from December.

-- Inventory accumulation plans fell five percentage points..."

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• Small business survey questions can be found at the end of today's report.

• The baseline "100" score is associated with 1986 survey data.
  

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The previous month's Small Business Optimism Index was 98.9.

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• Click here to view the full NFIB report

 
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