The November 2025 NFIB Small Business Optimism report was released today, December 9, 2025.
The Index of Small Business Optimism increased by .8 points to 99.0.
Here is an excerpt that I find particularly notable (but don’t necessarily agree with):
The NFIB Small Business Optimism Index rose 0.8 points in November to 99.0 and remained above its 52-year average of 98. Of the 10 Optimism Index components, six increased, three decreased, and one was unchanged. An increase in those expecting real sales to be higher contributed most to the rise in the Optimism Index. The Uncertainty Index rose 3 points from October to 91. An increase in owners reporting uncertainty about capital expenditure plans over the next three to six months was the primary driver of the rise in the Uncertainty Index.
Below is a chart of the NFIB Small Business Optimism chart, as seen in the full November 2025 NFIB Small Business Economic Trends (pdf) report:
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The Special Note summarizes my overall thoughts about our economic situation
SPX at 6840.51 as this post is written
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