FX.co ★ US Small Business Optimism Edges Higher

In November 2025, the NFIB Small Business Optimism Index in the US increased to a three-month high of 99, up from 98.2 in October, surpassing the forecast of 98.4. Twenty-one percent of small business owners identified labor quality as their primary concern, a decrease of 6 percentage points from the previous month. Additionally, the net percentage of owners anticipating higher real sales volumes climbed by 9 points to a net 15%. When assessing their business's overall health, 11% rated it as excellent, down by 1 point, while 53% regarded it as good, an increase of 2 points. Conversely, the net percentage of owners raising average selling prices jumped 13 points to a net 34%, marking the highest level since March 2023. However, the net percentage of owners expecting improved business conditions declined by 5 points to 15%. NFIB Chief Economist Bill Dunkelberg commented, "Despite the rise in optimism, small business owners remain frustrated by the scarcity of qualified workers. Nonetheless, a significant number of firms intend to create new jobs in the near future."