US small business optimism inches higher, but labour quality a concern
By Benjamin Chiou
Date: Tuesday 09 Dec 2025
(Sharecast News) - Optimism among small businesses in the United States improved in November, according to the National Federation of Independent Business on Tuesday, though uncertainty levels picked up.
The NFIB's Small Business Optimism Index inched 0.8 points higher to 99.0 last month, pushing further above the historic average of 98.
This was the highest reading since August and topped the 98.4 level expected by analysts.
Six of the survey's ten optimism sub-index components increased over the month, while three decreased and one was unchanged.
A net 15% of business owners said they are expecting higher real sales volumes, up 9 points from October, while a net 34% said they are raising their average selling prices, up 13 points to its highest level since March 2023.
On the downside, the uncertainty sub-index rose 3 points to 91, with owners cautious about capital expenditure plans over the next three to six months.
Labour quality ranked as the top problem facing owners over the month, though down 6 points at a net 21%.
"Although optimism increased, small business owners are still frustrated by the lack of qualified workers," said NFIB chief economist Bill Dunkelberg. "Despite this, more firms still plan to create new jobs in the near future."
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