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Economic Data (USA)

Tuesday, July 11, 2023

NFIB Small Business Optimism Index for June 2023

The National Federation of Independent Business® (NFIB®) released its Small Business Optimism Index for June 2023:


Predicted: 90.0
Actual: 91.0

  • Change from Previous Month: +1.79% (+1.6 points.)
  • Change from 12 Months Previous: +1.68% (+1.5 points.)


CHART: NFIB Small Business Optimism Index - June 2023 Update

CHART: NFIB Small Business Optimism Index
June 2023 Update 


From Today's Report:

"...'Halfway through the year, small business owners remain very pessimistic about future business conditions and their sales prospects, said NFIB Chief Economist Bill Dunkelberg. 'Inflation and labor shortages continue to be great challenges for small businesses. Owners are still raising selling prices at an inflationary level to try to pass on higher inventory, labor, and energy costs.'...'

Key Findings Include:

    -- Forty-two percent of owners reported job openings that were hard to fill, down two points from May but remaining historically very high.

    -- Small business owners expecting better business conditions over the next six months improved 10 points from May to a net negative 40%, 21 percentage points better than last June’s reading of a net negative 61%.

    -- The net percent of owners who expect real sales to be higher improved seven points from May to a net negative 14%.


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

The previous month's Small Business Optimism Index was 89.4.



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