NFIB September US Small Business Index Falls as Businesses Remain Cautious

06:00 AM EDT, 10/13/2026 (MT Newswires) -- The National Federation of Independent Business's monthly Small Business Optimism Index fell to a reading of 97.9 in September from 98.7 in August and was below the 98.8 reading a year earlier. "Small business optimism stayed near the long-term average in September as Main Street owners remain uncertain about business conditions," said NFIB Chief Economist Bill Dunkelberg. "Small business owners are proceeding with caution as they interpret how rising costs, interest rates, and the difficulty in finding qualified employees are impacting their business." There were monthly decreases in six of the 10 component measures, compared with three increases and one unchanged reading. The largest decrease was seen in the measure of expansion plans, which fell by five percentage points to a net 7%, followed by a four-percentage point decline in the economic expectations measure to a net 6%. A net positive reading indicates that more respondents expect an increase than those expecting a decrease, and vice versa for a net negative reading. There were also declines in the readings for current job openings (to a net 32%), capital outlays plans (to a net 22%), current credit conditions (to a net minus 3%) and the earnings trend (to a net minus 20%). There were gains in the readings for real sales expectation (to a net 9%), current inventories (to a net 0%) and expectations of inventory growth (to a net 2%). The reading of plans to increase employment was unchanged at a net 17%.