Washington, DC (March 11, 2025) – – NFIB Small Business Castism Index In February, a 2.1 point was reduced to 100.7. This is the fourth consecutive month of an average of 51 years more than 98 and is below its recent 105.1 top of 4.4 points. The index of uncertainty rose four points to 104 – the second most recorded reading.
“Uncertainty on Main Street is high and growing, and for many reasons,” NFIB Chief Economist Bill Duncilberg. “Those small business owners are expecting better business conditions over the next six months and decreases as a good time to extend the current period, but this is much higher than where it was in the fall. Inflation remains a major problem, which is the top of the labor standard.
Key results include:
- The net percentage of economy owners fell ten points from January to 37 percent (seasonally adjusted).
- Twelve percent of the owners (seasonally adjusted) reported that under January five points, increasing their business is a good time. This is the biggest monthly decline since April 2020.
- Sixteen percent of the owners said inflation was their only most important problem in running their business, two points below January and now completely below labor standards. The last time it was low was in October 2021.
- The net percentage of the average sales prices increased by 10 points from January to 32 % (seasonally adjusted). This is the largest monthly increase since April 2021, and the third highest in the survey date. The percentage of owners who reduce their prices is 10 points less than a year ago.
- Weather is adjusted, increasing the pure 29 % project in the next three months, three points since January and the highest reading in 11 months.
- As the only most important problem for business owners, labor costs rose from three points to 12 %, with the most reading of the survey reached just one point to 13 %. In December 2021, its high ranking was last in February 2023.
- The frequency of positive profit trends was a net negative 24 % (seasonally adjusted) from January to one point.
- Pure 2 % of the owners said their last debt was difficult compared to the previous efforts (one point). The last time it was less reading was in February 2022.
- Twenty -four percent of all owners reported borrowing on a regular basis, less than three points from January and the lowest from May 2022.
This month, NFIB introduced a new question in the survey to understand how small business owners assessed the overall health of their business. Eleven percent of the owners described their business health as good, 55 % told him good. 27 % told him right, and 6 % badly reported.
As the NFIB monthly jobs report, the seasonally adjusted 38 % of small business owners have reported the start of the job that they cannot fill in February, three points since January and August 2024. 53 % of owners are trying to get or hire services in January, 89 % told some or no eligible applicants for the position that they were not for positions they were not for positions.
Seasonally adjusted net 15 % of owners intend to generate new jobs in the next three months, less than three points from January.
The percentage of small business owners report the quality of labor as the only most important issue for business has increased by one point in January to 19 %, which is considered inflation as the first issue. As the only major problem for business owners, labor costs increased by three points, which is less than just one point, the highest reading of 13 % reached December 2021.
Seasonally adjusted, a pure 33 % made no changes since January, reported the increase in compensation. In the next three months, a seasonal adjustment net to increase the compensation net 18 %, two points less than January.
In the last six months, 80 % of the owners reported the capital costs, no change has been made since January. 37 % of the experts reported costs on new goods, 30 % obtained vehicles, and 13 % improved or expanded facilities. Twelve percent spent money on new fixtures and furniture, and 5 % acquired new buildings or land for extension. In the next six months, nineteen percent (seasonally adjusted) plan capital costs, below January one point.
One of all the owners reported a pure negative 12 % (seasonally adjusted) report of more nominal sales in the last three months, two points less than January. The net percentage of owners expecting more real sales volume fell six points from January to 14 percent (seasonally adjusted). After the rise of the recession level after the elections, this consecutive month has reduced real sales expectations.
The net percentage of the owners who reported inventory benefits were adjusted 6 % to 6 % from January 6 %, seasonally. No seasonally adjusted, 8 % reported the stock rise and 19 % reported the reduction.
The owners’ net negative 5 % (seasonally adjusted) considered the existing inventory stock “very low” in February in February. Pure negative 1 % of the owners plans to invest in inventory in the coming months, a point down from January.
The net percentage of the average sales prices increased by 10 points to 32 % from January, increasing the season, adjusting the season. Sixteen percent of the owners said that inflation was their only most important problem in running their business, a shortage of two points since January and the top problem only under labor standards. The last time it was low was in October 2021. Unannounced, 6 % of the owners reported the average low prices and the average price of 38 %. Prices were the most frequent in finance (53 % higher, 10 % less, 10 % less), wholesale (47 % high, 0 % less), agriculture (45 % higher, 12 % less), and retail (45 % high, 5 % less).
Seasonally adjusted, up to three points compared to January, the net 29 % plan price increased. The frequency of positive profit trends was net negative 24 % (seasonally adjusted), which is worse than January. Among the low -profile reporters, 40 % blamed the weak sales, 13 % cited normal climate change, 11 % cited labor costs, and 9 % accused of increasing the price of content. For more profit reporters, 52 % credit sales quantity, 15 % cited normal climate change, and 13 % cited higher sales prices.
A net 2 % said their last debt is difficult than the previous efforts. The last time it was less reading was in February 2022. Three percent of the owners said that financing and interest rates in February were a business problem at the top, no change had been made since January. Pure 4 % reported paying higher rates on their current debt.
The NFIB Research Center has collected data from small business trends with a quarterly survey after the fourth quarter of 1973 and a monthly survey since 1986. The survey respondents have been collected from the NFIB membership. The report is released on the second Tuesday of each month. The survey was conducted in February 2025.
