NFIB Small Business Optimism – May 2023

The May NFIB Small Business Optimism report was released today, June 13, 2022. The headline of the Economic Trends report is “Small Business Owners Express Great Concern for Future Business Conditions.”

The Index of Small Business Optimism increased by .4 points to 89.4.

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

The NFIB Small Business Optimism Index increased 0.4 points in May to 89.4, which is the 17th consecutive month below the 49-year average of 98. The last time the Index was at or above the average was in December 2021. Small business owners expecting better business conditions over the next six months declined one point from April to a net negative 50%. Twenty-five percent of owners reported that inflation was their single most important problem in operating their business, up two points from last month and followed by labor quality at 24%.

Below is a chart of the NFIB Small Business Optimism chart, as seen in the full May 2023 NFIB Small Business Economic Trends (pdf) report:

Small Business Optimism Index 89.4


The Special Note summarizes my overall thoughts about our economic situation

SPX at 4370.61 as this post is written