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Economy

Economic Data (USA)

Wednesday, May 11, 2022

NFIB Small Business Optimism Index for April 2022

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

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Predicted: 94.0
Actual: 93.2

  • Change from Previous Month: UNCHANGED
  • Change from 12 Months Previous: -6.613% (-6.6 points.)


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CHART: NFIB Small Business Optimism Index - April 2022 Update

CHART: NFIB Small Business Optimism Index
April 2022 Update 
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CHART: NFIB Small Business Earnings Last 3 Months - April 2022 Update

CHART: NFIB Small Business Earnings
Last 3 Months
April 2022 Update
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From Today's Report:

"...The NFIB Small Business Optimism Index was unchanged in April, remaining at 93.2 and the fourth consecutive month below the 48-year average of 98. Small business owners expecting better business conditions over the next six months decreased one point to a net negative 50%, the lowest level recorded in the 48-year-old survey.

Inflation continues to be a problem for small businesses with 32% of small business owners reporting it’s their single most important problem in operating their business, the highest reading since the fourth quarter of 1980.

'Small business owners are struggling to deal with inflation pressures,' said NFIB Chief Economist Bill Dunkelberg. 'The labor supply is not responding strongly to small businesses’ high wage offers and the impact of inflation has significantly disrupted business operations.'


Key Findings Include:

    -- Forty-seven percent of owners reported
job openings that could not be filled, unchanged from March.

    -- The net percent of owners raising average selling prices decreased two points to a net 70% (seasonally adjusted), two points below last month’s highest reading.

    -- The net percent of owners who expect real sales to be higher increased six points from March to a net negative 12%.

As reported in NFIB’s monthly jobs report, small businesses continue to struggle to find workers to fill open positions with 47% (seasonally adjusted) of all owners reported job openings they could not fill in the current period. Of those hiring or trying to hire, 93% of owners reported few or no qualified applicants for the positions they were trying to fill..."


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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 93.2.

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