The Press-Republican, Plattsburgh, N.Y.
(TNS)
ALBANY — The National Federation of Independent Business Small Business Optimism Index fell 0.6 points in May to 95.3, remaining below its 52-year average of 98.
The Uncertainty Index rose 3 points from April to 91, remaining well above its historical average of 68.
“NFIB’s latest monthly survey shows that the cost of running a small business in New York and nationwide is continuing to climb,” NFIB State Director Ashley Ranslow said in a press release.
“Whether it’s labor, fuel or taxes, small business owners are feeling pressure from every direction, and those costs eventually affect the entire economy.”
Key findings include:
- The Employment Index remained essentially flat in May, registering 100.3 in May after measuring 100.4 in April. This is the third consecutive month in which the Index has declined. The current reading is below the 2025 average of 101.2 but slightly above the historical average of 100.
- In May, job openings and hiring plans fell notably to the lowest levels in six years. Twenty-nine percent, seasonally adjusted, of all owners reported job openings they could not fill in the current period, down 5 points from April and marking the lowest level since May 2020.
- A seasonally adjusted net 9% of owners plan to create new jobs in the next three months, down 4 points from April, also marking the lowest level since May 2020.
- In May, 13% of small business owners cited labor quality as their single most important problem, down 5 points from April and marking the lowest level since December 2016.
- Fourteen percent of business owners reported labor costs as their single most important problem, up 5 points from April and the highest reading in the survey’s history.
- Sixteen percent, seasonally adjusted, of small business owners plan to make capital outlays in the next six months, down 1 point from April and the lowest level since March 2009.
- Reports of supply chain disruptions picked up in May, with a shift from those reporting no disruptions to those reporting mild or moderate disruptions. Seventy percent of small business owners reported supply chain disruptions affected their business to some extent, up 6 points from April.
- In May, reports of both actual and planned price increases rose significantly. The net percent of owners raising average selling prices rose 6 points from April to a net 36%, seasonally adjusted, marking the highest reading since March 2023. A net 34%, also seasonally adjusted, plan to increase prices, up 7 points from April and marking the highest reading since July 2022.
- Eighteen percent of business owners cited inflation as their single most important business problem, up 2 points from April, marking the highest reading since December 2024. Inflation ranks as the second top problem.
View the full report here.
The NFIB Research Center has collected Small Business Economic Trends data with quarterly surveys since the fourth quarter of 1973 and monthly surveys since 1986.
Survey respondents are randomly drawn from NFIB’s membership. The report is released on the second Tuesday of each month.
This survey was conducted in May 2026.
Photo credit: Freepik
_______
© 2026 the Press-Republican (Plattsburgh, N.Y.). Visit pressrepublican.com. Distributed by Tribune Content Agency LLC.
Sign in to get access to this free resource, and all of our whitepapers and reports.
Download this content today!
Register Now Already registered? Click here to Log In
