The latest Small Business Economic Trends survey by the National Federation of Independent Business (NFIB) reveals a persistently low level of optimism among small-business owners. The NFIB's Optimism Index dropped 0.1 points in October to 90.7, continuing a trend of 22 consecutive months below the 50-year average. Inflation remains a significant concern for 22% of owners, while expectations for improved business conditions over the next six months remain at a net negative 43%. Job openings that are hard to fill stand at 43%, reflecting historically high levels. Concerns include declining sales, negative profit trends, and challenges in hiring and compensation. The economic outlook for small businesses remains cautious, with recovery still in progress. The report is released on the second Tuesday of each month. This survey was conducted in October 2023.