The NFIB Small Business Optimism Index in the US fell to 95.3 in May 2026, its lowest level since October 2024, down from 95.9 in April and below expectations of 96. “More small business owners are struggling with significant and unpredictable hikes in fuel prices, which are more challenging for small businesses to pass on to their customers compared to their larger corporate competitors,” said NFIB Chief Economist Bill Dunkelberg.
Taxes were cited as the single most important problem by 19% of small business owners, up 2 percentage points from April, followed by inflation at 18%. Meanwhile, 70% of owners reported that supply chain disruptions were affecting their business to some extent. Only 16% plan to make capital outlays in the next three to six months, the lowest share since 2009.
A net 36% of small business owners reported raising average selling prices, the highest level since March 2023, and a net 34% plan further price increases, the highest reading since July 2022.
