Small business optimism increased by 2.2 points in October, measuring 93.7 points, the 34th consecutive month below the 50-year average of 98, according to the National Federation of Independent Business’ Small Business Optimism Index report.
The survey found 31% of business owners reported raising compensation, down one point from September and the lowest rate since April 2021.
Additionally, 35% of owners reported job openings they couldn’t fill, up one percentage point from September.
“With the election over, small business owners will begin to feel less uncertain about future business conditions,” NFIB Chief Economist Bill Dunkelberg said in a statement. “Small business owners are still facing unprecedented economic adversity. Low sales, unfilled job openings, and ongoing inflationary pressures continue to challenge our Main Streets, but owners remain hopeful as they head toward the holiday season.”
Read the full report here.
