Small businesses’ optimism reached a six-year high in December following the results of the 2024 presidential election, according to a survey released Tuesday from the National Federation of Independent Business (NFIB).
The NFIB’s Small Business Optimism Index, a measure of the outlook of small business owners about the future of their business and the economy, rose by 3.4 points in December to 105.1, the second consecutive month above the 51-year average of 98, according to the press release. This marks the highest reading since October 2018.
Economic uncertainty also saw a decline in December, with the NFIB’s Uncertainty Index declining 12 points. Small business optimism also had an uptick in November.
“Optimism on Main Street continues to grow with the improved economic outlook following the election,” NFIB Chief Economist Bill Dunkelberg wrote in the press release. “Small business owners feel more certain and hopeful about the economic agenda of the new administration. Expectations for economic growth, lower inflation, and positive business conditions have increased in anticipation of pro-business policies and legislation in the new year.”
While on the campaign trail, Trump promoted economic policies aimed at benefiting average Americans as part of his “America First” agenda. Notably, the president-elect has threatened to impose sweeping tariffs on imported goods from foreign countries such as Mexico, China and Canada.
The economy was a top issue for voters in the 2024 presidential election. Exit polls revealed that about two-thirds of voters said the condition of the economy was “not good/poor,” while only 32% said the economy was “excellent/good,” Fortune reported.
Many businesses and consumers were plagued by high prices and stubborn inflation during President Joe Biden’s sole term. While inflation has eased some since its peak of roughly 9.1% in June 2022, rates remain elevated. The consumer price index, a broad measure of the prices of everyday goods, rose 2.7% in November from a year earlier, the Bureau of Labor Statistics reported.
Some American workers have also had difficulty finding jobs during Biden’s presidency. Workers are seemingly optimistic about their careers ahead of Trump’s impending return to the White House, with a Resume Genius survey released in December finding that roughly two-thirds of Americans were optimistic about the Trump administration’s impact on their careers.
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