Small business owners in America just got a lot more cheerful. The NFIB Small Business Optimism Index climbed to 97.4 in June, up from 95.3 in May, marking a 2.1-point jump.
The numbers in context
A 2.1-point monthly increase is notable, but the index still sits below its 52-year average of approximately 98. That long-term benchmark has been tracked since the survey’s inception in the 1970s, making it one of the longest-running economic sentiment datasets in the country.
May’s reading of 95.3 had already represented a 0.6-point decline from April. The Uncertainty Index, a companion measure that tracks how unsure business owners feel about near-term conditions, rose to 91 in May as confidence was slipping.
For historical comparison, the index hit the exact same 97.4 level back in March 2025, which at the time represented a 3.3-point drop.
