Macro glossary

NFIB Small Business Optimism Index

A monthly survey of small business owners' expectations for hiring, capex, and sales.

Definition

The NFIB index has tracked the business cycle for 50 years. Readings below 90 have historically coincided with or preceded recessions. Small businesses employ roughly half of the US workforce, making NFIB a cyclically important indicator.

Related indicators

NFIB Optimism

Track the NFIB Small Business Optimism Index. Small businesses employ nearly half of all workers — t

Related terms

Recession Indicator

Any data series whose behavior reliably precedes or confirms a recession.

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