NFIB Small Business Optimism – November 2022

The November NFIB Small Business Optimism report was released today, December 13, 2022. The headline of the Economic Trends report is “November’s Optimism Index reading stays below 49-year average.”

The Index of Small Business Optimism increased by .6 points to 91.9.

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

Inflation remains the top business problem for small business owners, with 32% of owners reporting it as their single most important problem in operating their business, five points lower than July’s highest reading since the fourth quarter of 1979. The Small Business Optimism Index rose 0.6 points in November to 91.9. November’s reading is the 11th consecutive month below the 49-year average of 98.

Below is a chart of the NFIB Small Business Optimism chart, as seen in the full November 2022 NFIB Small Business Economic Trends (pdf) report:

NFIB Small Business Optimism Index


The Special Note summarizes my overall thoughts about our economic situation

SPX at 4046.77 as this post is written