NFIB Small Business Optimism – November 2021

The November NFIB Small Business Optimism report was released today, December 14, 2021. The headline of the Economic Trends report is “Small Business Optimism Up Slightly in November.”

The Index of Small Business Optimism increased by .2 points to 98.4.

Here is an excerpt that I find particularly notable (but don’t necessarily agree with):

  • Owners expecting better business conditions over the next six months decreased one point to a net negative 38%, tied for the 48-year record low reading. This indicator has declined 18 points over the past four months to its lowest reading since November 2012.
  • The net percent of owners raising selling prices increased six points to a net 59% (seasonally adjusted), the highest reading since October 1979.
  • Seasonally adjusted, a net 54% of owners plan price hikes, up three points from October and a 48-year record high reading.
  • Forty-eight percent of owners reported job openings that could not be filled, a decrease of one point from October.

Below is a chart of the NFIB Small Business Optimism chart, from the Advisor Perspectives’ December 14, 2021 post titled “NFIB Small Business Survey…“:

NFIB Small Business Optimism Index

Further details regarding small business conditions can be seen in the full November 2021 NFIB Small Business Economic Trends (pdf) report.


The Special Note summarizes my overall thoughts about our economic situation

SPX at 4645.87 as this post is written