Updated
May 09, 2026
Published
February 27, 2023
This Week's Highlights
- A slowdown in consumer spending in April confirms Main Street’s anxiety.
- Business owners remain confident in their cash flow and preparedness.
- Small employers’ plans for growth are slowed due to high prices and uncertainty.
Small businesses held steady, but their optimism took a nose dive.
Tariff Refund FAQ Guide: Visit this guide for information to help small businesses identify whether they paid IEEPA‑based tariffs and prepare for the emerging refund process.
Navigating the New Tax Law: Don't miss our practical guide to maximizing savings for small businesses under the “One Big Beautiful Bill Act.”
ICYMI: As the United States approaches its 250th anniversary, U.S. Chamber of Commerce President and CEO Suzanne P. Clark unveiled a bold vision for how the business community can help shape the nation’s next chapter. Watch here.
Is your small business a member of the U.S. Chamber? As the nation's leading small business advocacy organization, we can help you with exclusive intelligence and access, a Policy Help Desk, regular updates on economic and business trends, and more.
New Small Business Data
Fiserv April Small Business Index (May 4, 2026)
https://www.fiserv.com/en/fiserv-small-business-index.html
- Insight Summary: Consumer spending stalled in April.
- Month-over-month sales at small businesses were flat in April (0.0% change) and year-over-year sales at small businesses continued to go up (+1.1% change).
2026 OnDeck + Ocrolus Small Business Q1 Cash Flow Trend Report (May 1, 2026)
- https://www.ondeck.com/small-business-trends
- Insight Summary: Confidence among small business owners in Q1 remained high and AI adoption continued its upward climb.
- 93% of small businesses anticipate moderate to significant growth over the next year (1 point lower than last quarter) and 29.5% anticipate significant growth (0.4% points higher than last quarter).
- 31% of small business owners cited cash flow as their highest concern (2 points higher than last quarter), surpassing inflation (29%).
- 34% of small business owners reported negative financial impacts from tariffs and 43% reported that tariffs did not impact their business financially. Of those negatively impacted, 69% passed on price increases to customers and 22% found alternative suppliers.
- 58% of small business owners have incorporated Artificial Intelligence (AI) into their operations (2 points higher than last quarter).
VistaPrint 2026 Small Business Happiness Index (April 28, 2026)
- Insight Summary: Survey taken between January 20 – February 15, 2026. High satisfaction among small business owners and positive outlook while admitting that uncertainty is toughest part of being the owner.
- 84% of small business owners are happy in their role and 83% report that they are happier than when they worked for someone else.
- 74% report using AI tools at least monthly, with 58% saying that AI has made them happier as small business owners.
- 56% of the small business owners using AI use it for writing and documentation and 47% are using AI to help with their marketing efforts.
- 80% of small business owners believe their employees are happy to work in their business.
- 41% of small business owners cite “uncertainty” as most disliked part of being the owner, followed by poor work/life balance (40%), and keeping up with business trends (38%).
- 54% of small business owners cite “controlling their own schedule” as the best part of being the owner, followed by the ability to “pursue their passion” (47%), and “controlling certainty of their income” (35%).
- 50% of small business owners believe they are prepared for an economic downturn and 43% believe that lawmakers do not fully understand their needs.
WSJ/Vistage Small Business Small Business CEO Confidence Index (April 21, 2026)
Summary: Small businesses fear customer pullback and temper their optimism for the months ahead.
- 17% of small business owners say the economy has improved compared to a year ago (6 points lower than March) and 46% say the economy has gotten worse (11points worse than March).
- 26% of small business owners believe the economy will improve in the next 12 months (1 point better than March) and 42% believe the economy will worsen (9 points worse than March).
- 48% of small businesses plan on increasing employees in the next 12-months (4 points lower than March) and 10% plan on decreasing employees (1 point higher than March).
- 29% of small businesses are expecting to increase fixed investments (7 points lower than March) and 51% expect fixed expenditures to remain the same.
- 55% of small businesses expect increased revenues in the next 12 months (9 points lower than March) and 10% believe revenues will decrease (1 point worse than March).
- 43% of small business owners believe profitability will increase in the next 12 months (9 points lower than March) and 19% believe that profitability will decrease (2 points worse than March).
NFIB March Small Business Optimism Index (April 14, 2026)
Summary: Small business owners remain confident about their own operations as sales plummet and their view on the economy continued its downward slide.
- 11% of small business owners expect the economy to improve in the next 3-months (7 points lower than February).
- 33% of small business owners raised compensation in March (1 point lower than February) and 18% plan on raising compensation in the next 3 months (4 points lower than February).
- 11% of small business owners believe it is a good time to expand their business (4 points worse than February).
- -5% of small businesses reported higher sales in the past 3-months (6 points worse than February and the end of 4-month of improvement) 7 points better than January) and 78% of small business owners expect higher sales in the next 3-months (1 point lower than February).
- 25% of small businesses raised their prices in January (1 point higher than February) and 24% are planning on raising prices in the next 3-months (4 points lower than February).
- 51% of small business owners reported capital outlays in the last 6-months (3 points lower than February) and 16% are planning capital purchases in the next 6-months (2 points lower than February.
- -5% of small business owners expect better credit conditions in the next 3-months (no change from February).
- Small businesses paid an average rate for short maturity loans of 7.9% (0.3 points lower than February) and 24% of small business owners report borrowing on a regular basis (1 point lower than February).
U.S. Chamber of Commerce Small Business Index for Q1 (April 7, 2026)
Summary: Confidence continues downward based on concerns over inflation. Plans for future hiring and investment dropped markedly, reflecting Main Street employers’ concern for the future state of the economy. Note: Survey was in the field during the military action against Iran.
- 69% of small businesses are confident in the health of their own business (no change from last quarter) and 72% are comfortable with their current cash flow (2 points lower than last quarter).
- 36% of small business owners are positive about the health of their local economy (7 points lower than last quarter) and 33% are negative (5 points worse than last quarter).
- 28% of small business owners are positive about the nation’s economic health (10 points lower than last quarter) and 50% are negative (6 points worse than last quarter).
- 53% of small business owners rank inflation as their top concern (8 points higher than last quarter and the 17th consecutive quarter where inflation tops the list).
- 37% of small business owners expect to increase investment in their business in the upcoming year (7 points lower than last quarter).
- 61% of small business owners expect to increase revenue in the next year (4 points lower than last quarter).
- 16% of small business owners reported adding staff over this past year (8 points less than last quarter) and 60% reported keeping the same number of staff.
- 30% of small business owners expect to increase staff in the next year (12 points lower than last quarter) and 60% expect to maintain current staffing levels (11 points higher than last quarter).
- 19% of small business owners cited affordability of employee benefits or healthcare as their top concern (highest level in Index’s history (9 years)).
Gallup’s American Job Quality Study (March 31, 2026)
Summary: Self-employed business owners benefit from higher job satisfaction and higher quality of life when compared with W-2 employees.
- Self-employed owner-operators or independent contractors make up 14% of the U.S. workforce.
- 46% of self-employed owner-operators and independent contractors believe they have “quality jobs” compared with 39% of W-2 employees.
- More self-employed owner-operators and independent contractors believe they have more agency and voice, autonomy, and greater financial well being than W-2 employees.
- Fewer self-employed owner-operators and independent contractors believe they have better workplace culture & safety, better growth & development, and healthcare & retirement benefits than W-2 employees.
- The average self-employed owner-operator and independent contractor logs 49 hours per week compared to 43 hours for W-2 employees.
Small Business Fast Facts
Goldman Sachs 10,000 Small Businesses Voices Survey (March 17, 2026)
Summary: Small businesses are still in the early stages of fully integrating AI and Main Street is bullish on productivity and revenue gains from the technology.
- 76% of small business owners said they are currently using AI and 14% are fully integrating AI into their core operations.
- 93% of small business owners who use AI report a positive impact on their business.
- 84% of small business owners who use AI cite “increased efficiency and productivity” as the main benefit from using AI.
- 87% of small business owners who use AI report that the technology is augmenting the work of employees and not replacing them.
- 67% of small business owners who use AI expect increased revenue from its use.
- 50% of small business owners who use AI cite concerns with data privacy and security as their top challenge with use of the technology, followed by lack of technical expertise (49%), and difficulty choosing the right AI tools (48%).
SBE Council Small Business Technology Use Survey (March 11, 2026)
Summary: Small businesses continue their rapid adoption of AI and investment in technology to compete more effectively in 2026.
- 90% of small business owners are confident in their ability to adopt AI and digital tools.
- 51% of small business owners are “gung ho” about AI, 26% are cautiously optimistic, and 9% express negative feelings towards AI.
- 53% of small business owners believe AI will have a major impact on their industry and the median annual expenditure on AI is $2,200.
- 2/3 of small business owners report revenue gains attributed to AI.
- Small business owners report AI saved an average of 5 hours per week through the use of AI.
- 52% of small business owners see AI as complimentary to workers and 8% believe AI is a substitute for workers.
Honoring America's Top Small Businesses
Explore More Small Business Insights
The U.S. Chamber's SVP of Small Business Policy Tom Sullivan appears regularly on ASBN - America's Small Business Network and hosts a weekly podcast to deliver fresh insights on small business to viewers and listeners nationwide.
Watch Tom Sullivan talk all things small business with Jim Fitzpatrick on ASBN (America's Small Business Network), including the latest news and policy updates for Main Street business owners. New episodes are added every month so that you can watch them anytime.
Small Business Outlook Podcast
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From Main Street
About the author
Thomas M. Sullivan
Thomas M. Sullivan is senior vice president of small business policy at the U.S. Chamber of Commerce. Working with chambers of commerce and the U.S. Chamber’s nationwide network, Sullivan harnesses the views of small businesses and translates that grassroots power into federal policies that bolster free enterprise and reward entrepreneurship. He runs the U.S.
