Core Insights - Small business optimism increased in November, with the NFIB Small Business Optimism Index rising by 0.8 points to 99, remaining above the 52-year average of 98 [1][4] - The primary driver for this increase was a rise in the net percentage of owners expecting higher real sales volumes, which increased by 9 points to a net 15% [2] - Labor quality remains the top concern for small business owners, with 21% citing it as their primary issue, although this is a decrease of 6 points from October [4][6] Sales and Employment - The net percentage of small business owners raising their average selling prices increased by 13 points to a net 34%, marking the highest level since March 2023 [7] - Despite the optimism, small businesses are still facing challenges in hiring qualified workers, with job openings remaining above historical averages [5][6] - Nearly two-thirds (64%) of small business owners reported that supply chain disruptions were affecting their operations, an increase of 4 points from October [6] Inflation and Future Expectations - Small businesses expect continued inflationary pressures, with a net 30% planning to increase prices in the next three months, unchanged from October [8] - Expectations for better business conditions have declined significantly, down 32 points since January [8]