The US NFIB Small Business Optimism Index jumped to 99.8 in July 2026, the highest since August last year, compared to 97.4 in June and beating forecasts of 97.5. Of the 10 Optimism Index components, eight increased, and two decreased. Hiring plans improved substantially and contributed most to the rise in the Index. Real sales expectations and reports of inventory levels as “too low” both fell by 2 points. The Uncertainty Index rose 2 points from June to 91, remaining well above its historical average of 68. The rise was driven by an increase in owners reporting uncertainty about whether it is a good time to expand and capital expenditure plans.