The NFIB Small Business Optimism Index declined 0.8 points in September to 97.9, one-tenth of a point below the 52-year average of 98.0. The Uncertainty Index rose 1 point to 90, remaining well above the historical average of 68. Labor quality or availability remained the top reported issue for the third consecutive month.
“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.”
Added Anthony, state director for NFIB in Oregon, “Small business owners are especially well-informed politically. The upcoming General Election on November 3 has high-stakes implications for the economy, both nationally and here in Oregon. It’s no wonder uncertainty is so high right now.”
Key findings of the September survey include:
- Reports of “labor quality or availability” as owners’ single most important problem rose three points in September to 26 percent, making it the top reported issue for the third consecutive month.
- The second top issue in September was inflation, with 20 percent of owners reporting it as their single most important problem, up four points from August. September’s reading remains elevated, with a historical average of seven percent.
- Poor sales and taxes are tied as the third most important problem among small business owners in September. Eleven percent of small business owners reported poor sales as their top issue, up one point from August and the third consecutive month of increase. The percent of small business owners reporting taxes as their single most important problem decreased five points from August to 11 percent.
- Only seven percent (seasonally adjusted) of owners reported that it is a good time to expand their business, down five points from August.
- Small business owners’ self-evaluation of the health of their business shifted negatively in September, with substantially more owners reporting their business “fair” (35 percent, up seven points) rather than “good” (48 percent, down nine points).
Click here to view the entire NFIB SBET Report.
The NFIB Research Center has collected Small Business Economic Trends data with quarterly surveys since the fourth quarter of 1973 and monthly surveys since 1986. Survey respondents are randomly drawn from NFIB’s membership. The report is released on the second Tuesday of each month. This survey was conducted in September 2026.
