The Experian Small Business Index™ improved by 15.9 points month-over-month and 9.1 points Year-Over-Year
Nov 2025
- Index Value (Nov):52.0
- Previous Month:36.1
- MoM:15.9
- YoY:9.1 (Nov 2024 = 42.9)
The Experian Small Business Index™ increased substantially in November by 15.9 points to 52.0. This also represents a YoY increase of 9.1 points. There was increased business activity with the end of the government shutdown in November. Business owners saw an increase in new account openings and approval rates, along with an increased number of new business formations.
Negative credit conditions improved, with reductions in delinquencies and utilization. The Small Business Optimism Index from NFIB increased to 99.0 from 98.2 in October. There was an increase in the number of new business applications to 535K from 499K in October, the most in a single month since July 2020. Inflation fell in November, to 2.7% from 3.0% in September, the lowest level since July. November unemployment was up to 4.6% from 4.4% in September. The inflation and unemployment rates are likely to influence Federal Reserve policy decisions as they consider whether additional rate cuts are warranted in 2026 after a 25 bps drop in December.
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. Explore Experian Small Business Index Related Posts
The Experian Small Business Index™ shows a modest improvement, rising 3.7 points month-over-month. Sep 2025 Index Value (Aug): 41.1 Previous Month: 37.4 MoM: +3.7 YoY: -3.8 (Sep 2024 = 44.9) The Experian Small Business Index™ increased in September by 3.7 points to 41.1, the second straight month of increases. The Fed lowered interest rates for a second time in late October in response to weakening job reports from ADP but indicated another rate cut in December is not certain due to rising inflation. Inflation increased from 2.9% to 3.0% in September, and core inflation decreased from 3.1% to 3.0%. Rent and food inflation were both steady, and energy prices increased 2.8% from a year ago. The University of Michigan’s consumer sentiment stayed nearly even as the NFIB small business optimism index fell slightly to 98.8 in September from 100.8 in August. New businesses continue to open at a historically high rate, indicating continued optimism by entrepreneurs. Explore Experian Small Business Index Related Posts
The Experian Small Business Index™ shows a modest rebound, improving 4.6 points month-over-month. August 2025 Index Value (Aug): 37.4 Previous Month: 32.8 MoM: +4.6 YoY: -8.8 (Aug 2024 = 46.2) The Experian Small Business Index™ rebounded in August, up 4.6 points to 37.4. After slowing in the first half of the year, early data suggests the US economy is set to expand at a solid rate in the third quarter. The Fed cut interest rates by 25bp and signaled two additional 25bp cuts by the end of the year, which should help stimulate economic growth. The NFIB Small Business Optimism Index increased slightly in August to 100.8 from 100.3, the highest level since January 2025, on forecasts of better-than-expected growth in the upcoming months. However, the University of Michigan’s consumer sentiment continued to decline, as unemployment edged up slightly and job growth has been weak. Entrepreneurs continue to see this as a good time to start a business, with 474K new businesses launched in August, up from 471K in July. Explore Experian Small Business Index Related Posts
