FX.co ★ US Small Business Sentiment Edges Down in June

The NFIB Small Business Optimism Index in the United States registered at 98.6 in June 2025, slightly below the 98.8 recorded in May and missing the forecasted 98.7, yet it remained marginally above the 51-year average of 98. A notable rise in respondents reporting excess inventories was the primary factor in the index's decline. Taxation was identified as the principal concern by 19% of small business owners, marking a one-point increase from May and retaining its position as the top issue. The last incidence of taxes reaching this level was in July 2021. Additionally, a significant portion of business owners remains apprehensive about labor quality and elevated labor costs. The net percentage of owners anticipating improved business conditions declined by three points to 22%. Similarly, the net percentage of owners expecting higher real sales volumes decreased by three points to 7%, and 21% of owners plan capital outlays within the next six months, a slight drop of one point from May. Concurrently, the Uncertainty Index dropped by five points to 89.