The National Federation of Independent Business (NFIB) released its latest Small Business Optimism Index, showing a 0.8-point increase in November to 99.0, which remains above the index’s 52-year average of 98.
Anthony Smith, NFIB Oregon State Director, commented on the report’s findings and the state’s business environment. “It’s good to see the Small Business Optimism Index closing out 2025 with a slight uptick heading into the holidays, but unfortunately, Oregon’s small business owners have reasons to feel less hopeful than their counterparts in other states. We have a well-documented and rapidly declining business climate that even the state’s top politicians are starting to acknowledge. We’ve already fallen to 35th in the Tax Foundation’s State Tax Competitive Index and 39th in CNBC’s Top States for Business, and still, the Oregon Legislature convened for a special session just months ago, specifically to raise taxes, and is threatening to do so again when lawmakers return to Salem in February.”
Bill Dunkelberg, NFIB Chief Economist, added: “Although optimism increased, small business owners are still frustrated by the lack of qualified workers. Despite this, more firms still plan to create new jobs in the near future.”
Key data from November indicate that expectations for higher real sales contributed most to the rise in optimism among small businesses. The Uncertainty Index also increased by three points from October to reach 91; this was mainly due to more owners expressing uncertainty about capital expenditure plans over the next three to six months.
Additionally, there was a significant jump in owners raising average selling prices—up by 13 points from October—to a net 34% (seasonally adjusted), marking both the highest reading since March 2023 and the largest monthly increase recorded by the survey.
When asked about their business health overall, 11% described it as excellent (down one point), while 53% said it was good (up two points). Thirty percent rated their business health as fair (down three points), and five percent reported it as poor (up one point).
The NFIB Small Business Optimism Index is widely used by policymakers such as the Federal Reserve and Congressional leaders as an indicator of small business economic conditions nationwide. The survey reflects responses from NFIB-member businesses across all states; typically these businesses employ between one and nine people with annual gross sales around $500,000.
NFIB has advocated for small and independent businesses at both federal and state levels for over eight decades since its founding in 1943.
