The National Federation of Independent Business (NFIB) reported that its Small Business Optimism Index increased by 0.8 points in November, reaching 99.0 and staying above its long-term average. Suzanne Budge, the NFIB state director for Idaho, commented on the latest data, stating, “I’m glad to see 2025 ending on a slightly positive note. Although not mentioned in the Optimism Index, I believe federal action making the 20% Small Business Deduction permanent, instead of letting it expire at the end of this month, is paying economy-improving dividends now and into the future. Together with some of the pro-small-business accomplishments passed by our State Legislature this year, Main Street, mom-and-pop enterprises are sailing into 2026 with the wind at their back. Now for the challenge of increasing the strength of that wind.”
Bill Dunkelberg, NFIB Chief Economist, added perspective on current challenges: “Although optimism increased, small business owners are still frustrated by the lack of qualified workers. Despite this, more firms still plan to create new jobs in the near future.”
According to NFIB’s report highlights, a greater share of business owners expect higher real sales going forward. The Uncertainty Index rose by three points from October to reach 91; this was mainly due to more owners expressing uncertainty about capital spending plans over the next several months.
Additionally, there was a notable increase in businesses raising their average selling prices—13 percentage points higher than October—reaching a net 34 percent (seasonally adjusted). This marks both the highest reading since March 2023 and represents the largest monthly jump recorded in survey history.
When asked about their overall business health in November: 11 percent rated it as excellent (a decrease from last month), while 53 percent said good (an increase). Thirty percent described conditions as fair (down from before), and five percent reported poor health (up slightly).
The Small Business Optimism Index is used by policymakers including those at the Federal Reserve and Congress as an indicator for small business economic trends nationwide. The index reflects input from NFIB-member businesses across various sectors but does not provide state-level breakdowns.
NFIB has represented small and independent businesses for over eight decades through advocacy efforts at both national and state levels.