SALT LAKE CITY — In spite of natural disasters and some economic uncertainty, small business owners across the nation are in a slightly upbeat mood about conditions ahead, according to today’s release of the monthly NFIB Small Business Optimism Index, which increased 2.4 points in July to 99.8. A reading above its 52-year average of 98.0 and marking the highest level since August 2025.

“Our latest Optimism Index would seem to indicate that small business owners nationally are starting to feel a little more bullish about the economy than they have been,” said Casey Hill, state director for NFIB in Utah. “I would also like to point out the recently released 2026 Best States rankings from U.S. News & World Report, showing Utah #1 for the fourth consecutive year, which I believe is attributable in part to our Legislature and governor wisely keeping the health and welfare of small businesses a high priority.”

From NFIB Chief Economist Bill Dunkelberg

“Small business optimism rose again in July, with a significant increase in owners expecting to hire, accompanied by an improvement in plans to make capital expenditures. Although uncertainty is currently elevated, Main Street anticipates that business conditions will continue to improve.”

Highlights from the July SBET Include:

  • In July, the top reported issue was labor quality or availability. Twenty-seven percent of small business owners cited “labor quality or availability” as their single most important problem in July, up 8 points from June and 15 points above the historical average of 12%.
  • Looking ahead, a seasonally adjusted net 20% of owners plan to create new jobs over the next three months, up 9 points from June. Hiring plans are at their highest level since October 2022 and are 9 points above the historical average.
  • In July, both actual and planned price increases dropped notably from June. The net percent of owners raising average selling prices fell 7 points from June to a net 31% (seasonally adjusted), after four consecutive months of increases. Looking forward to the next three months, a net 28% (seasonally adjusted) plan to increase prices, down 4 points from June.
  • Reports of inflation as the single most important problem fell for the first time this year. Fourteen percent of business owners cited inflation as their single most important business problem, down 7 points from June’s highest reading since October 2024.

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 July 2026.

Keep up with the latest on Utah small business news at www.nfib.com or on X @nfib_ut.

For over 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.