U.S. Small-Business Confidence Slips as Uncertainty Persists

Small-business optimism took a step back in September as owners continued to face challenges from inflation, labor shortages, and ongoing supply-chain pressures. 

According to the National Federation of Independent Business (NFIB), its Small Business Optimism Index fell by 2 points to 98.8, marking one of the weakest readings of the year and nearing its long-term average of 98. 

What’s Driving the Decline: 

NFIB Chief Economist Bill Dunkelberg noted that while many business owners report their operations as “healthy,” they continue to grapple with rising costs, slower sales expectations, and persistent labor challenges. 

 
About 64% of small-business owners say supply-chain disruptions are still affecting operations. Many are being forced to raise prices to offset higher input and labor costs. 31% of owners plan to increase prices over the next three months — up five points from August. 

Labor Still Tight: 

Hiring remains a top priority — and a top frustration; 32% of small-business owners reported job openings they couldn’t fill in September. Labor quality and taxes were ranked as the most significant challenges facing small firms. Despite the obstacles, hiring plans are at their highest level since January, showing that business owners are still pushing forward. 

Joachim & Co. Insight: 

Even in uncertain times, small businesses remain the foundation of the U.S. economy — resilient, adaptable, and forward-looking. For owners navigating inflation and labor costs, the key is proactive financial management: 

If you’d like personalized guidance on how these trends might affect your 2025 planning, Joachim & Co. can help you prepare now — before uncertainty becomes disruption.