The Experian Small Business Index™ declined in October, dropping by 5.0 points month-over-month.
Oct 2025
- Index Value (Oct):36.1
- Previous Month:41.1
- MoM:-5.0
- YoY:-4.6 (Oct 2024 = 40.7)
The Experian Small Business Index™ decreased in October by 5 points to 36.1. This drop is attributable to decreased origination activity for small businesses and small business owners, along with an increase in delinquencies for small business owners’ consumer trades. Small business trade delinquency rates have remained stable.
The NFIB reported a decrease in small business optimism to 98.2 in October from 98.8 in September, and the University of Michigan reported a drop in consumer sentiment to 51.1 in November from 53.6. Due to the extended government shutdown, several of the economic indicators were not reported for October, but there were signs of positive factors in the macroeconomic environment. US employers reported hiring 283K in October, up from 117K in September, and existing home sales were up 1.2% in October to 4.1M.
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Incremental increase underscores steady operating environment even as inflation and sentiment present headwinds Mar 2026 Index Value (Mar): 49.2 Previous Month: 48.8 MoM: 0.4 YoY: 2.0 (Mar 2025 = 47.2) The Experian Small Business Index™ remained largely unchanged in March, increasing by 0.4 points to 49.2. This reflects a year-over-year increase of 2 points and indicates relative stability in small business conditions. The broader macroeconomic environment continues to present mixed signals, contributing to recent variability in the index. Conditions appeared more stable in March. The unemployment rate held steady at 4.3 percent, and wages continued to rise modestly. Gross domestic product increased by 2 percent in the first quarter and has been positive in most quarters over the past two years. Private employers added approximately 62,000 jobs in March. U.S. employers also reported 32,826 planned hires, which is an increase from 12,755 reported in February. Inflation increased to 3.3 percent in March, up from 2.4 percent in February, driven in part by higher fuel prices. Gasoline prices rose by approximately $1.00 from the end of February through the end of March, reaching an average of about $4.00 per gallon. This represents a month over month increase of 36 percent. Diesel prices rose by 46 percent compared to the prior month and are up 52 percent year over year. Consumer sentiment declined to 53.3 in March from 56.6 in February. The Small Business Optimism Index also decreased slightly to 98.8. Retail sales remained stable to slightly higher, suggesting that increased fuel costs and lower sentiment have not yet led to a significant reduction in consumer spending. New business formation remained strong, with approximately 492,000 new businesses established in March. Explore Experian Small Business Index Related Posts
The Experian Small Business Index declined in February on soft employment data. Check conditions in your State of Industry.
The Experian Small Business Index™ increased 8.5 points to 54.3 in January. This is 12.8 points higher than it was a year ago.
