US Small-Business Optimism Soars to Three-Year High After Trump Win

The National Federation of Independent Business (NFIB) Small Business Optimism Index surged to a three-year high of 101.7 in November, following the election of former President Donald Trump. This significant increase of 8 points from the previous month marks the highest level since June 2021 and comes after 34 months below the 50-year average of 98.

The optimism index reflects a broad-based improvement in sentiment, with nine of the ten components increasing. Owners are particularly hopeful for tax and regulation policies that favor strong economic growth, as well as relief from inflationary pressures. They are eager to expand their operations, indicating a positive outlook on future business conditions.

The election results signal a major shift in economic policy, leading to a surge in optimism among small business owners. Main Street also became more certain about future business conditions following the election, breaking a nearly three-year streak of record high uncertainty. Owners are particularly hopeful for tax and regulation policies that favor strong economic growth, as well as relief from inflationary pressures. In addition, small business owners are eager to expand their operations, indicating a positive outlook on future business conditions.

Despite the surge in optimism, the share expecting to increase prices over the next three months only saw a modest uptick to 28% (+2pt). It’s technically the highest since May and a little further away from the 21-22% readings seen pre-pandemic, but is still low by post-pandemic years standards.

The NFIB Small Business Optimism Index surprised in November with a sharp 8pt increase to 101.7 (cons 95.3) after 93.7 for its highest since Jun 2021. It follows 34 months remaining below the 50-year average of 98. Press release: “Of the 10 Optimism Index components, nine increased, none decreased, and one was unchanged. Following last month’s record high of 110, the Uncertainty Index declined 12 points in November to 98.”

The election results signal a major shift in economic policy, leading to a surge in optimism among small business owners. Main Street also became more certain about future business conditions following the election, breaking a nearly three-year streak of record high uncertainty. Owners are particularly hopeful for tax and regulation policies that favor strong economic growth, as well as relief from inflationary pressures. In addition, small business owners are eager to expand their operations, indicating a positive outlook on future business conditions.

Despite the surge in optimism, the share expecting to increase prices over the next three months only saw a modest uptick to 28% (+2pt). It’s technically the highest since May and a little further away from the 21-22% readings seen pre-pandemic, but is still low by post-pandemic years standards.



The NFIB Small Business Optimism Index surged to a three-year high of 101.7 in November, following the election of former President Donald Trump. This significant increase of 8 points from the previous month marks the highest level since June 2021 and comes after 34 months below the 50-year average of 98.



The optimism index reflects a broad-based improvement in sentiment, with nine of the ten components increasing. Owners are particularly hopeful for tax and regulation policies that favor strong economic growth, as well as relief from inflationary pressures. They are eager to expand their operations, indicating a positive outlook on future business conditions.

The election results signal a major shift in economic policy, leading to a surge in optimism among small business owners. Main Street also became more certain about future business conditions following the election, breaking a nearly three-year streak of record high uncertainty. Owners are particularly hopeful for tax and regulation policies that favor strong economic growth, as well as relief from inflationary pressures. In addition, small business owners are eager to expand their operations, indicating a positive outlook on future business conditions.

Despite the surge in optimism, the share expecting to increase prices over the next three months only saw a modest uptick to 28% (+2pt). It’s technically the highest since May and a little further away from the 21-22% readings seen pre-pandemic, but is still low by post-pandemic years standards.

The NFIB Small Business Optimism Index surprised in November with a sharp 8pt increase to 101.7 (cons 95.3) after 93.7 for its highest since Jun 2021. It follows 34 months remaining below the 50-year average of 98. Press release: “Of the 10 Optimism Index components, nine increased, none decreased, and one was unchanged. Following last month’s record high of 110, the Uncertainty Index declined 12 points in November to 98.”

The election results signal a major shift in economic policy, leading to a surge in optimism among small business owners. Main Street also became more certain about future business conditions following the election, breaking a nearly three-year streak of record high uncertainty. Owners are particularly hopeful for tax and regulation policies that favor strong economic growth, as well as relief from inflationary pressures. In addition, small business owners are eager to expand their operations, indicating a positive outlook on future business conditions.

Despite the surge in optimism, the share expecting to increase prices over the next three months only saw a modest uptick to 28% (+2pt). It’s technically the highest since May and a little further away from the 21-22% readings seen pre-pandemic, but is still low by post-pandemic years standards.