NFIB Survey Shows Decline in Small Business Optimism for March
March Small Business Optimism Sees Notable Decline
In March, the Small Business Optimism Index dropped to 95.8, marking a decrease of 3.0 points compared to February and slipping below its 52-year average of 98.0. The last instance the index was under this long-term average occurred in April 2025.
Among the ten components that make up the Optimism Index, eight experienced declines while the remaining two stayed the same. The most significant contributors to this downward trend were negative shifts in earnings expectations and anticipated business conditions.
Alongside the dip in optimism, small business owners reported a rise in uncertainty. The Uncertainty Index climbed by 4 points from the previous month, reaching 92—substantially higher than its historical average of 68. More owners expressed uncertainty about the future outlook for their businesses.
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