Updated
May 16, 2026
Published
February 27, 2023
This Week's Highlights
- Fears of declining sales amidst rising costs curb growth plans for many small businesses.
- Business owners remain confident while doing everything possible to mitigate rising costs. However, small employers’ plans for growth are slowed due to high prices and uncertainty.
Small business confidence is steady while plans for growth stall in the current environment of high prices and uncertainty.
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
National Federation of Independent Business (NFIB) April Optimism Index (May 12, 2026)
- Insight Summary: Sales continued their 2-month slide and small business owners shy away from taking on debt amidst uncertainty. CapEx holds steady because of pro-growth provisions in the new tax law
- 34% of small business owners reported job openings they could not fill in April (2 points higher than March), which remains above the historical average of 24%.
- 53% of small business owners reported hiring or trying to hire in April (1 point higher than March) and 87% of those who hired or tried to hire reported few or no qualified applicants for the positions they were trying to fill (no change from March).
- 30% of small business owners raised compensation in April (3 points lower than March) and 18% plan on raising compensation in the next 3 months (no change from March). Compensation levels remain above historical averages.
- 13% of small business owners plan on creating new jobs in the next 3 months (1 point higher than March), which is a little higher than the historical average of 11%.
- 4% of small business owners expect the economy to improve in the next 6-months (7 points lower than March).
- 30% of small business owners raised compensation in April (3 points lower than March) and 18% plan on raising compensation in the next 3 months (no change from March).
- 7% of small business owners believe it is a good time to expand their business (4 points worse than March and the lowest level since last Halloween).
- -8% of small businesses reported higher sales in the past 3-months (3 points worse than March) and 3% expect higher sales in the next 3-months (4 points lower than March and the lowest percentage in a year).
- 30% of small businesses raised their prices in April (5 points higher than March and way above the historical average of 13%). 27% are planning on raising prices in the next 3-months (3 points higher than March).
- 18% of small business owners cited labor quality as their single most important program (3 points higher than March and ranked as the top problem)
- 51% of small business owners reported capital outlays in the last 6-months (no change from March) and 17% are planning capital purchases in the next 6-months (1 point higher than March).
- -4% of small business owners expect better credit conditions in the next 3-months (1 point better than March).
- Small businesses paid an average rate for short maturity loans of 8.3% in April (0.4 points higher than March) and 22% of small business owners report borrowing on a regular basis (2 points lower than March and the lowest level since November 2021).
Fiserv April Small Business Index (May 4, 2026)
- 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)
- 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).
TD Bank: Financial Preparedness Survey of Small Business Owners (April 28, 2026)
- Insight Summary: Small business owners remain confident, are optimistic the economy will improve, and are using AI for efficiency.
- 94% of small business owners feel they are financially prepared for the next 12 to 18 months.
- 34% of small business owners believe that a business should have 6-months of reserves to be considered “financially prepared” and 24% of small business owners have more than 6-months of emergency savings to cover operating expenses.
- 74% of small business owners are optimistic that the economy will improve over the next 12 to 18 months.
- 54% of small business owners report their business has experienced fraud or attempted fraud in the past year and 12% report that it resulted in financial loss.
- 69% of small business owners report their use of AI to reduce expenses up from 39% a year ago.
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).
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
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
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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.
