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Business & Economy · November 10, 2026 · 2 min read

NFIB October optimism stays at 97.8 as more owners plan price increases

By Econ Data Tools Editorial Team

Published November 10, 2026 • Updated November 10, 2026

The membership survey shows stronger price intentions and hiring difficulties, but also better business-health ratings. It is not a consumer inflation reading or proof of an election effect.

NFIB reported on November 10 that its Small Business Optimism Index slipped 0.1 points to 97.8 in October 2026, slightly below its 53-year average of 98.0. Four of the ten components rose, five fell and one was unchanged. The Uncertainty Index fell six points to 84, its lowest level since December 2025, though still above its historical average of 68. Pricing measures strengthened. A seasonally adjusted net 33% of owners reported raising average selling prices, up two points from September, and a net 37% planned increases over the next three months, up six points and the highest reading since July 2022. These are survey balances rather than the share of every U.S. business raising prices. Intentions are not completed price changes, and the results do not measure the Consumer Price Index. Labor availability remained the leading reported operating problem, cited by 25% of owners, down one point. A seasonally adjusted 36% reported openings they could not fill, up four points. Among owners hiring or trying to hire, 86% reported few or no qualified applicants. That last percentage applies to the hiring subgroup, not all respondents or the entire workforce. Other indicators were mixed. A seasonally adjusted net 18% planned to create jobs over the next three months, up one point, while a net 24% planned compensation increases, up four points. A net 13% reported paying a higher rate on their most recent loan, up five points. The borrowing-rate balance is not an average loan rate or evidence that every firm faced the same change. Business-health ratings improved: 15% called their business excellent and 54% good, compared with 26% fair and 4% poor. A seasonally adjusted net 8% expected better business conditions over six months, up two points, while capital-spending plans fell one point to 21%. Taxes became the second most commonly cited top problem at 21%, up ten points, so the headline optimism reading masks different movements beneath it. The report is based on a survey conducted in October among NFIB members, with 759 usable responses from a drawn sample of 10,000 owners or members. NFIB says respondents are randomly drawn from its membership; this is not a census of all small businesses. The October reference period also means the November release date alone cannot establish that the subsequent election caused the measured fall in uncertainty. Pricing plans, business perceptions and eventual economic outcomes should be kept separate.

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