The NFIB Small Business Optimism Index increased by 0.8 points in November, reaching 99.0 and remaining above its 52-year average of 98. Out of the ten components that make up the index, six saw increases, three decreased, and one was unchanged. The most significant factor behind the rise was a higher number of business owners expecting real sales to improve.
The Uncertainty Index also rose by three points from October to 91, driven mainly by more owners expressing uncertainty about capital expenditure plans over the next three to six months.
Bill Herrle, Executive Director for NFIB Florida, commented on the findings: “Florida’s small businesses are feeling more optimistic as owners are expecting higher sales during the holiday months. The tight labor market is still a challenge, but small businesses are determined to hire and create more local jobs.”
In November, there was a notable increase in the net percentage of owners raising their average selling prices—up 13 points from October to a seasonally adjusted net 34%. This marks both the highest level since March 2023 and the largest monthly jump recorded in the survey’s history. Inflation remains an ongoing concern for many business owners.
Labor quality continued to be identified as the most pressing issue by small business owners; however, only 21% cited it as their main problem in November—a drop of six points that reverses most of October’s spike. Inflation followed as the second biggest concern at 15%, up three points from October.
Hiring challenges persist for small businesses. According to NFIB’s monthly jobs report, a seasonally adjusted 33% reported job openings they could not fill in November—the first such increase since June and well above the historical average of 24%. Of those hiring or trying to hire (56%), nearly nine out of ten said there were few or no qualified applicants available. A seasonally adjusted net 19% plan to create new jobs within three months—up four points from October and matching levels last seen in December 2024.
Capital spending showed some weakness: just over half (52%) reported making capital outlays in the past six months—a decrease from October—and only one-fifth plan such spending in coming months.
Supply chain disruptions remain widespread; 64% said these issues affected their operations at least somewhat in November—a four-point increase from October—with seven percent reporting significant impacts.
Business sentiment regarding future conditions declined: expectations for better business conditions dropped five points from October to a net negative reading; this measure has fallen sharply—by thirty-two points—since January.
The frequency with which business owners reported positive profit trends improved slightly but remained negative overall. Among those seeing lower profits, weaker sales and rising material costs were cited most often.
Access to credit eased somewhat: fewer respondents found loans harder to obtain compared with previous attempts while interest rates on short-term loans fell to their lowest level since May 2023.
When asked about their company’s health, eleven percent rated it excellent (down one point), fifty-three percent good (up two), thirty percent fair (down three), and five percent poor (up one).
NFIB has been conducting its Small Business Economic Trends survey since late 1973 through quarterly surveys—and monthly since 1986—with respondents drawn randomly from its membership base. The latest survey reflects responses collected during November 2025.
