The NFIB Small Business Optimism Index stands at 95.3 as of May, marking its lowest level since October 2024. Year-to-date decline of 4.2 points has already exceeded the entire 2025 annual drop, with only 3% of owners expecting improved conditions and just 7% viewing expansion as favorable, both multi-month lows. Rising taxes, inflation, and labor costs are the primary headwinds cited, signaling deteriorating business confidence and reduced willingness to invest, which could translate into slower hiring and economic growth ahead.
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