April’s Small Business Economic Trends data shows that optimism has leveled out from March’s sharp decline but remains below the historical average. As businesses continue to adjust to inflated fuel costs, small business owners’ expectations on improving economic conditions fell seven points to their lowest level since October 2024, while earnings trends overall improved for the month. NFIB Research Center Co-hosts, Holly Wade and Peter Hansen, unpack what the trends and research means for small businesses moving forward.   

Learn more about the April Small Business Economic Trends report and NFIB’s Small Business Employment Index. 

Other highlights include: 

• The NFIB Small Business Optimism Index rose 0.1 points in April to 95.9, below the 52-year average of 98.0 (0:00) 
• Optimism Index components show movement, with economic expectations down seven points and earnings on the rise (1:10) 
• Why profits have rebounded but outlook is low (2:34) 
• Fuel cost effects (5:17) 
• What influenced April’s Employment Index decline (8:40).  
• Labor as the top problem for small business (9:41) 
• Tax season (11:33) 
• Inflation as a top concern (12:37) 
• Uncertainty Index (15:55)