Small business optimism declines: Survey
April was also the second consecutive month in which the small business optimism index fell below the 51-year average of 98, in the poll of small business owners.
In April, the index declined by 1.6 percentage points to 95.8. The index came in at 97.4 in March; 100.7 in February; 102.8 in January; 105.1 in December 2024; 101.7 in November 2024.
From mid-2022 to October 2024, the index hovered between the high-80s and low-90s.
The survey asks small business owners a series of questions to gauge the economic conditions and economic sentiment among business owners.
The index includes 'hard' components, including job creation plans, job openings, inventory plans, earnings and capital expenditure plans; and 'soft' components, such as expected business conditions, outlook for expansion, expected real sales, expected credit conditions and inventory satisfaction.
The decline in the optimism index was driven in large part by the six-point drop in small business owners' expected business conditions and the six-point drop in unfilled job openings.
The share of small business owners expecting better business conditions in six months fell from a net 21 percent in March to a net 15 percent in April — the lowest point since October 2024.
In April, 34 percent of business owners reported having job openings they couldn't fill. The last time the level was this low was in January 2021, during the COVID-19 recession.
The uncertainty index also fell in April to 92, down from 96 in March, but it remains well above the historical average of 68.
'Uncertainty continues to be a major impediment for small business owners in operating their business in April, affecting everything from hiring plans to investment decisions,' NFIB chief economist Bill Dunkelberg said in a statement.
'While owners are still trying to fill a high number of current job openings, their outlook on business conditions is less supportive of future business investments,' Dunkelberg continued.
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