Business Indicators · Free this month

How small businesses felt in September.

Each month we publish one indicator free. This month: the National Federation of Independent Business survey of small business owners.

Small Business Optimism Index

September 2026

97.9

Down 0.8 points from August and just below the 52-year average of 98.0. Three of the ten parts of the index improved, six fell and one held steady.

Uncertainty Index (historical average 68)90 +1

Owners with job openings they could not fill32% −3

Say finding good workers is their top problem26% +3

Plan to buy equipment or expand in the next six months22% −2

Say inflation is their top problem20% +4

Source: NFIB Small Business Economic Trends, September 2026. Survey of 411 owners. White marks show the historical average.

What it means for owners

Hiring is still the hardest part. One in three owners has a job they cannot fill, and more of them now name finding good workers as their biggest problem.

What it means for lenders

Fewer owners plan to spend on equipment or expansion, so expect slower demand for growth loans this winter.

What to watch next

Uncertainty is far above its long-run average. NFIB publishes the October survey in November.

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