The NFIB Small Business Optimism Index rose 1.7 pts to 100.3 in July 2025, above the 52-year average of 98, driven by improved expectations for business conditions and expansion plans.

• A net 36% expect the economy to improve (+14 pts MoM), while 16% say it’s a good time to expand (+5 pts).

• Hiring plans rose to a net 14% (+1 pt), though current job openings fell to 33% (-3 pts), the lowest since Dec 2020 but still above average.
• Capital spending plans increased to 22% (+1 pt), and inventory plans rose to 1% (+2 pts).
• Expected real sales slipped to 6% (-1 pt), and earnings trends remained weak at -22% (unchanged).

• The Actual Price Changes index fell -5 pts to 24, the lowest since January, and the Price Plans index fell -4 pts to 28, the lowest in three months.
• Inflation as the top concern stayed at 11%, while labor quality rose as the top issue at 21% (+5 pts).