Lower fuel costs helped lift small-business sentiment in June, with the reading topping economists’ expectations and offering some relief to firms facing persistent inflation pressures.
The NFIB Small Business Optimism Index rose 2.1 points to 97.4 in June from 95.3 in May, helped in part by lower fuel costs that eased some pressure on U.S. small businesses. The reading was above the 95.7 expected by economists polled by The Wall Street Journal and returned sentiment close to the survey’s 52-year average of 98.0. The gain reversed the prior month’s decline and brought the index back to the level seen in March 2025. The NFIB’s Uncertainty Index fell 2 points to 89, though it remained well above its historical average of 68. Even as confidence improved, inflation became a bigger concern for owners, with the share citing it as their single most important problem reaching the highest level in nearly two years. More firms also said they raised average selling prices, pointing to renewed price pressures at the small-business level.