NFIB Small Business Optimism – February 2022

The February NFIB Small Business Optimism report was released today, March 8, 2022. The headline of the Economic Trends report is “Small Business Owners Reporting Inflation as Biggest Problem Reaches Highest Level Since Q3 1981.”

The Index of Small Business Optimism decreased by 1.4 points to 95.7.

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

  • The net percent of owners raising average selling prices increased seven points to a net 68% (seasonally adjusted), a 48-year record high reading.
  • Owners expecting better business conditions over the next six months decreased two points to a net negative 35%.
  • Forty-eight percent of owners reported job openings that could not be filled, an increase of one point from January.
  • Inventory accumulation plans fell one percentage point, following a five-point decline in January, following the massive inventory build in Q4.

Below is a chart of the NFIB Small Business Optimism chart, from the Advisor Perspectives’ March 8, 2022 post titled “NFIB Small Business Survey…“:

NFIB Small Business Optimism Index 95.7

Further details regarding small business conditions can be seen in the full February 2022 NFIB Small Business Economic Trends (pdf) report.


The Special Note summarizes my overall thoughts about our economic situation

SPX at 4217.24 as this post is written