NFIB Small Business Optimism Index (SBOI) for MAY 2026

The National Federation of Independent Business® (NFIB®) released its Small Business Optimism Index (SBOI) for May, 2026:
=========

Predicted: 95.0

• Actual: 95.3

----------------

• Change from Previous Month: -0.63% (-0.6 point.)

• Change from A Year Ago: -3.54% (-3.5 points.)

=========

CHART: NFIB Small Business Optimism Index

MAY 2026 Update 

=========

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

=========

 

From the Report:

 

"...CREDIT MARKETS

In May, the net percent of owners expecting easier credit conditions rose 1 point to a net -3% (seasonally adjusted). A net 4% reported their last loan was harder to get than in previous attempts, up 1 point from April. In May, a net 6% of owners reported paying a higher interest rate on their most recent loan, up 4 points from April. The average interest rate paid on short-maturity loans was 7.8% in May, down 0.5 points from April. Twenty-seven percent of all owners reported borrowing regularly, up 5 points from April’s lowest level since November 2021.

INFLATION

In May, reports of both actual and planned price increases rose significantly. The net percent of owners raising average selling prices rose 6 points from April to a net 36% (seasonally adjusted), marking the highest reading since March 2023. Actual price increases are well above the historical average of net 13%. Unadjusted, 46% reported higher average prices (up 5 points), and 7% reported lower average selling prices (down 1 point). Looking forward to the next three months, a net 34% (seasonally adjusted) plan to increase prices, up 7 points from April and marking the highest reading since July 2022. Reports of inflation as the single most important problem rose for the third consecutive month in May. Eighteen percent of business owners cited inflation as their single most important business problem, up 2 points from April and marking the highest reading since December 2024. Inflation ranks as the second top problem..."

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• Previous Month's SBOI: 95.9

• SBOI, 12-Months Previous: 98.8

=========

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=========

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Import and Export Price Indexes for APRIL 2026

The Labor Department's Bureau of Labor Statistics released its report on U.S. Import and Export Price Indexes for April, 2026:

===============

Import Prices
Previous Reading, revised: +0.9%
Actual: +1.9%

• Change From 12 Months Previous: +4.2%

    -- Year-on-year previous reading = +2.1%

===============

Export Prices
Previous Reading, revised: +1.5%
Actual: +3.3%

• Change From 12 Months Previous: +8.8%

    -- Year-on-year previous reading = +5.6%

===============
 
The above percentages, highlighted in yellow, represent the month-to-month change in prices for:

• Imports: the cost of goods produced in other countries and sold in the United States.
• Exports: the cost of goods produced in the USA and sold in other countries.

Together, these indexes offer insight into the status of inflation in the United States, and for the global economy as well. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=================

CHART: Import Price Index

APRIL 2026 Update

================= 

CHART: Export Price Index

APRIL 2026 Update

===============

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===============

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Import and Export Price Indexes for MARCH 2026

The Labor Department's Bureau of Labor Statistics released its report on U.S. Import and Export Price Indexes for March, 2026:

===============

Import Prices
Previous Reading, revised: +0.9%
Actual: +0.8%

• Change From 12 Months Previous: +2.1%

    -- Year-on-year previous reading = +1.3%

===============

Export Prices
Previous Reading, revised: +1.5%
Actual: +1.6%

• Change From 12 Months Previous: +5.6%

    -- Year-on-year previous reading = +3.5%

===============
 
The above percentages, highlighted in yellow, represent the month-to-month change in prices for:

• Imports: the cost of goods produced in other countries and sold in the United States.
• Exports: the cost of goods produced in the USA and sold in other countries.

Together, these indexes offer insight into the status of inflation in the United States, and for the global economy as well. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=================

CHART: Import Price Index

MARCH 2026 Update

================= 

CHART: Export Price Index

MARCH 2026 Update

===============

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===============

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NFIB Small Business Optimism Index (SBOI) for MARCH 2026

The National Federation of Independent Business® (NFIB®) released its Small Business Optimism Index (SBOI) for March, 2026:
=========

Predicted: 98.0

• Actual: 95.8

----------------

• Change from Previous Month: -3.04% (-3.0 points.)

• Change from A Year Ago: -1.64% (-1.6 points.)

=========

CHART: NFIB Small Business Optimism Index

MARCH 2026 Update 

=========

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

=========

 

From the Report:

 

"...CREDIT MARKETS

In March, the net percent of owners expecting easier credit conditions remained at a net -5% (seasonally adjusted). A net 5% reported their last loan was harder to get than in previous attempts, unchanged from February and close to the historical average of a net 6%. In March, a net -3% of owners reported paying a higher interest rate on their most recent loan, unchanged from February. The average interest rate paid on short maturity loans was 7.9% in March, down 0.3 points from February. Twenty-four percent of all owners reported borrowing regularly, down 1 point from February.

...Inflation will become even more of a problem as oil prices respond to developments in the Iran conflict. Only a few ships are getting through Hormuz each day compared to well over 100 pre-war, slowing not only the supply of oil, but many other important products as well. The Federal Reserve is likely to stay steady now, but a rate hike becomes more likely if the current elevated inflation environment persists. The share of small business owners raising average selling prices has stabilized at rates that prevailed at the end of the last administration (CPI up 20% over 4 years). Lower oil prices will benefit all concerned, but that may take a while even after the Strait [is back to normal]..."

=========

• Previous Month's SBOI: 98.8

• SBOI, 12-Months Previous: 97.4

=========

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=========

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Import and Export Price Indexes for JANUARY 2026

The Labor Department's Bureau of Labor Statistics released its report on U.S. Import and Export Price Indexes for January, 2026:

===============

Import Prices
Previous Reading, revised: +0.2%
Actual: +0.2%

• Change From 12 Months Previous: -0.1%

    -- Year-on-year previous reading = FLAT

===============

Export Prices
Previous Reading, revised: +0.6%
Actual: +0.6%

• Change From 12 Months Previous: +2.6%

    -- Year-on-year previous reading = +3.1%

===============
 
The above percentages, highlighted in yellow, represent the month-to-month change in prices for:

• Imports: the cost of goods produced in other countries and sold in the United States.
• Exports: the cost of goods produced in the USA and sold in other countries.

Together, these indexes offer insight into the status of inflation in the United States, and for the global economy as well. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=================

CHART: Import Price Index

JANUARY 2026 Update

================= 

CHART: Export Price Index

JANUARY 2026 Update

===============

• Click here to view the full Labor Department report.

===============

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Import and Export Price Indexes for SEPTEMBER 2025

The Labor Department's Bureau of Labor Statistics this morning released its report on U.S. Import and Export Price Indexes for September 2025:

===============

Import Prices
Previous Reading, revised: +0.1%
Actual: FLAT

• Change From 12 Months Previous: +0.3%

    -- Year-on-year previous reading = -0.1%

===============

Export Prices
Previous Reading, unrevised: +0.1%
Actual: FLAT

• Change From 12 Months Previous: +3.8%

    -- Year-on-year previous reading = +3.2%

===============
 
The above percentages, highlighted in yellow, represent the month-to-month change in prices for:

• Imports: the cost of goods produced in other countries and sold in the United States.
• Exports: the cost of goods produced in the USA and sold in other countries.

Together, these indexes offer insight into the status of inflation in the United States, and for the global economy as well. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=================

CHART: Import Price Index

SEPTEMBER 2025 Update

================= 

CHART: Export Price Index

SEPTEMBER 2025 Update

===============

• Click here to view the full Labor Department report.

===============

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NFIB Small Business Optimism Index (SBOI) for OCTOBER 2025

The National Federation of Independent Business® (NFIB®) released its Small Business Optimism Index (SBOI) for October 2025:
=========

Predicted: 98.5

• Actual: 98.2

----------------

• Change from Previous Month: -0.61% (-0.6 point.)

• Change from A Year Ago: +4.8% (+4.5 points.)

=========

CHART: NFIB Small Business Optimism Index
OCTOBER 2025 Update 

=========

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

=========

 

From the Report:

 

"...OVERVIEW
Uncertainty, while lower than in September, remained high. The upcoming elections (Oct. Survey) and government shutdown likely played a role. Small business owners were reasonably optimistic at the start of the year (Optimism Index at 102.8), but it has been a downhill slide through the last nine or so months with the current reading closing in on the 52-year average of 98. Foreign policy dominates the headlines, with a focus on tariff policy, raising lots of consternation about the cost of inputs and pressures to raise prices. Sales were not strong, and profits took a hit in the third quarter; lots of owners reported profit declines.

• INFLATION

In October, both actual and planned price increases fell from the previous month. The net percent of owners raising average selling prices fell 3 points from September to a net 21% (seasonally adjusted). Despite the decline, price increases remain above the monthly average of a net 13%, suggesting continued inflationary pressure. Unadjusted, 31% reported higher average prices (down 2 points), and 12% reported lower average selling prices (up 2 points). Looking forward to the next three months, a net 30% (seasonally adjusted) plan to increase prices (down 1 point from September). Twelve percent of owners reported that inflation was their single most important problem in operating their business (higher input costs), down 2 points from September.

• CREDIT MARKETS
  

A net 5% reported their last loan was harder to get than in previous attempts, down 2 points from September’s highest reading of this year. In October, a net 1% of owners reported paying a higher interest rate on their most recent loan, down 6 points from September. The average rate paid on short maturity loans was 8.7% in October, down 0.1 point from September. Twenty-three percent of all owners reported borrowing on a regular basis, down 3 points from September..."

=========

• Previous Month's SBOI: 98.8

• SBOI, 12-Months Previous: 93.7

=========

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=========

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NFIB Small Business Optimism Index (SBOI) for AUGUST 2025

The National Federation of Independent Business® (NFIB®) released its Small Business Optimism Index (SBOI) for August 2025:
=========

Predicted: 100.5

• Actual: 100.8

----------------

• Change from Previous Month: +0.5 % (+0.5 point.)

• Change from A Year Ago: +10.53% (+9.6 points.)

=========

CHART: NFIB Small Business Optimism Index
AUGUST 2025 Update 

=========

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

=========

 

From the Report:

 

"...INFLATION

The net percent of owners raising average selling prices fell 3 points from July to a net 21% (seasonally adjusted), the lowest reading of this year. Despite the decline, price increases remain above the average of a net 13%, suggesting continued inflationary pressure. Eleven percent of owners reported that inflation was their single most important problem in operating their business (higher input costs), unchanged for the third consecutive month. Tariffs may be starting to impact pricing. Unadjusted, 33% reported higher average prices (down 4 points), and 13% reported lower average selling prices (up 1 point). 

Price hikes were most frequent in construction (42% higher, 12% lower), finance (41% higher, 15% lower), manufacturing (40% higher, 8% lower), and services (39% higher, 3% lower). Notably, the percent of firms raising prices in the wholesale industry fell 32 points from last month. Looking forward to the next three months, a net 26% (seasonally adjusted) plan to increase prices, down 2 points from July.


CREDIT MARKETS

A net 3% reported their last loan was harder to get than in previous attempts, down 1 point from July. Credit availability is not a serious problem for small firms. In August, a net 6% of owners reported paying a higher rate on their most recent loan, up 1 point from July. In August, the average rate paid on short maturity loans was 8.1%, down 0.6 points from July and the lowest reading since May 2023. Twenty-three percent of all owners reported borrowing on a regular basis, down 2 points from July. The last time the percent of business owners borrowing on a regular basis was below 23% was in November 2021..."

=========

• Previous Month's SBOI: 100.3

• SBOI, 12-Months Previous: 91.2

=========

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=========

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Import and Export Price Indexes for May 2025

The Labor Department's Bureau of Labor Statistics this morning released its report on U.S. Import and Export Price Indexes for May 2025:

===============

Import Prices
Previous Reading, unrevised: +0.1%
Actual: FLAT

• Change From 12 Months Previous: +0.2%

    -- Year-on-year previous reading = +0.1%

===============

Export Prices
Previous Reading, unrevised: +0.1%
Actual: -0.9%

• Change From 12 Months Previous: +1.7%

    -- Year-on-year previous reading = +2.0%

===============
 
The above percentages, highlighted in yellow, represent the month-to-month change in prices for:

• Imports: the cost of goods produced in other countries and sold in the United States.
• Exports: the cost of goods produced in the USA and sold in other countries.

Together, these indexes offer insight into the status of inflation in the United States, and for the global economy as well. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=================

CHART: Import Price Index

MAY 2025 Update

================= 

CHART: Export Price Index

MAY 2025 Update

===============

• Click here to view the full Labor Department report.

===============

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Import and Export Price Indexes for April 2025

The Labor Department's Bureau of Labor Statistics this morning released its report on U.S. Import and Export Price Indexes for April 2025:

===============

Import Prices
Previous Reading, revised: -0.4%
Actual: +0.1%

• Change From 12 Months Previous: +0.1%

    -- Year-on-year previous reading = +0.9%

===============

Export Prices
Previous Reading, revised: +0.1%
Actual: +0.1%

• Change From 12 Months Previous: +2.0%

    -- Year-on-year previous reading = +2.4%

===============
 
The above percentages, highlighted in yellow, represent the month-to-month change in prices for:

• Imports: the cost of goods produced in other countries and sold in the United States.
• Exports: the cost of goods produced in the USA and sold in other countries.

Together, these indexes offer insight into the status of inflation in the United States, and for the global economy as well. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=================

CHART: Import Price Index

APRIL 2025 Update

================= 

CHART: Export Price Index

APRIL 2025 Update

===============

• Click here to view the full Labor Department report.

===============

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NFIB Small Business Optimism Index (SBOI) for APRIL 2025

The National Federation of Independent Business® (NFIB®) released its Small Business Optimism Index (SBOI) for April 2025:
=========

Predicted: 95.0

• Actual: 95.8

----------------

• Change from Previous Month: -1.64 % (-1.6 points.)

• Change from A Year Ago: +6.8% (+6.1 points.)

=========

CHART: NFIB Small Business Optimism Index
APRIL 2025 Update 

=========

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

=========

 

From the Report:

 

"...The Small Business Optimism Index fell by 1.6 points in April to 95.8, the second consecutive month below the 51-year average of 98. Of the 10 Optimism Index components, three increased, six decreased, and one was unchanged. Expected business conditions and unfilled job openings contributed the most to the decline in the Index. The Uncertainty Index fell 4 points from March to 92...

CREDIT MARKETS
...A net 5% reported their last loan was harder to get than in previous attempts, down 1 point from March. Three percent reported that financing and interest rates were their top business problem in April, unchanged for the fourth consecutive month. A net 6% of owners reported paying a higher rate on their most recent loan, up 2 points from March. The average rate paid on short maturity loans was 8.9 percent, unchanged from March. Twenty-six percent of all owners reported borrowing on a regular basis, down 2 points from March. High mortgage rates have slowed housing activity, a damper on GDP growth. But loan availability is good....

..Very few small businesses export their goods and services, but millions acquire imported goods as inputs to their operations and those supply chains are currently at risk. Tariff policy is suddenly and dramatically changing relative prices (costs), and relative prices drive all decisions. Uncertainly remains elevated and thus caution clouds spending, hiring, and investing decisions. Currently, the Uncertainty Index stands at 92, the 51-year average is 68. The average since 2016 is 80..."

=========

• Previous Month's SBOI: 97.4

• SBOI, 12-Months Previous: 89.7

=========

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=========

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Import and Export Price Indexes for March 2025

The Labor Department's Bureau of Labor Statistics this morning released its report on U.S. Import and Export Price Indexes for March 2025:

===============

Import Prices
Previous Reading, revised: +0.2%
Actual: -0.1%

• Change From 12 Months Previous: +0.9%

    -- Year-on-year previous reading = +2.0%

===============

Export Prices
Previous Reading, revised: +0.5%
Actual: FLAT

• Change From 12 Months Previous: +2.4%

    -- Year-on-year previous reading = +2.1%

===============
 
The above percentages, highlighted in yellow, represent the month-to-month change in prices for:

• Imports: the cost of goods produced in other countries and sold in the United States.
• Exports: the cost of goods produced in the USA and sold in other countries.

Together, these indexes offer insight into the status of inflation in the United States, and for the global economy as well. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=================

CHART: Import Price Index
MARCH 2025 Update

================= 

CHART: Export Price Index

MARCH 2025 Update

===============

• Click here to view the full Labor Department report.

===============

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NFIB Small Business Optimism Index (SBOI) for MARCH 2025

The National Federation of Independent Business® (NFIB®) released its Small Business Optimism Index (SBOI) for March 2025:
=========

Predicted: 98.0

• Actual: 97.4

----------------

• Change from Previous Month: -3.28 % (-3.3 points.)

• Change from A Year Ago: +10.06 % (+8.9 points.)

=========

CHART: NFIB Small Business Optimism Index
MARCH 2025 Update 

=========

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

=========

• Previous Month's SBOI: 100.7

• SBOI, 12-Months Previous: 88.5

=========

• Click here to view the full NFIB report

=========

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Import and Export Price Indexes for February 2025

The Labor Department's Bureau of Labor Statistics this morning released its report on U.S. Import and Export Price Indexes for February 2025:

===============

Import Prices
Previous Reading, revised: +0.3%
Actual: +0.4%

• Change From 12 Months Previous: +2.0%

    -- Year-on-year previous reading = +1.9%

===============

Export Prices
Previous Reading, revised: +1.3%
Actual: +0.1%

• Change From 12 Months Previous: +2.1%

    -- Year-on-year previous reading = +2.7%

===============
 
The above percentages, highlighted in yellow, represent the month-to-month change in prices for:

• Imports: the cost of goods produced in other countries and sold in the United States.
• Exports: the cost of goods produced in the USA and sold in other countries.

Together, these indexes offer insight into the status of inflation in the United States, and for the global economy as well. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=================

CHART: Import Price Index
FEBRUARY 2025 Update

================= 

CHART: Export Price Index

FEBRUARY 2025 Update

===============

• Click here to view the full Labor Department report.

===============

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