Small Business by the Numbers is the NFIB Research Center podcast where we discuss everything related to the small business economy. Co-hosts Holly Wade, the Executive Director of the NFIB Research Center, and Peter Hansen, Director of Research and Policy Analysis, will discuss data, stories, and the economic conditions affecting small businesses nationwide.
Optimism Fades Amidst Rising Fuel Costs and Interest Rates
The discussion focused on the latest NFIB Small Business Economic Trends survey results for September. Co-hosts Holly Wade and Peter Hansen highlighted a modest decline in the Small Business Optimism Index to 97.9, driven primarily by weaker expectations for business conditions and expansion, while noting that overall optimism remains near historical averages. They emphasized growing concerns about inflation alongside rising fuel and diesel costs that are increasing operating expenses and pro...
8 Sept 2026
Ep. 12: Optimism Dips in August, Remains Above Long-Term Average
NFIB’s Holly Wade, Executive Director of the Research Center, and Peter Hansen, Director of Policy Analysis, discuss how August small business data builds on the positive sentiments from July’s survey. The Optimism Index fell 1.1 points to 98.7 but stayed above its 52-year average of 98.0. Holly and Peter also analyze a surprising result in the inflation metrics, the value of price stability, ongoing labor market challenges, and a bit of concern from sales and earnings metrics. Learn a...
11 Aug 2026
Ep. 11: July: Positive Trends in Optimism and Consumer Sentiment With Guest Joanne Hsu
Guest Joanne Hsu, Director of the University of Michigan Surveys of Consumers and NFIB’s Peter Hansen discuss rising small business optimism and consumer sentiment against a backdrop of high gas prices, broader inflation concerns, and attention to AI. The Small Business Economic Trends report July data shows the Optimism Index is up 2.4 points to 99.8, and consumer sentiment marked its second consecutive 10% gain. The rest of the conversation is about reading this kind of data well: the two s...
14 Jul 2026
Ep. 10: June Data: Small Business Optimism Improves, Inflation Ranks as Top Problem
Co-Hosts Holly Wade and Peter Hansen dive into the June Small Business Economic Trends (SBET) report. Optimism rose 2.1 points to 97.4 as lower fuel costs provide welcome relief for businesses as well as consumers. Inflation ranks as small business owners’ top problem, up 3 points from May and at its highest since October 2024. Holly and Peter unpack this plus a rebound in hiring signals after May's anomalous dip. Learn more about the Small Business Economic Trends report and small business e...
9 Jun 2026
Ep. 9: Headline Indexes Hold Steady, but the Underlying Data Reveals More
The Small Business Optimism Index slipped approximately half a point (0.6 points) in May, its third consecutive monthly decline. The Employment Index remained essentially flat, though that’s not the whole employment picture. Beneath those two quiet Indexes are trends pulling small businesses into uncomfortable areas: price increases — both actual and planned — are back to 2022-2023 levels and employment, with unfilled job openings and hiring plans falling to levels last seen in May 2020. Holl...
12 May 2026
Ep. 8: Small Business Optimism Remains Below Average but Stable
April’s Small Business Economic Trends data shows that optimism has leveled out from March’s sharp decline but remains below the historical average. As businesses continue to adjust to inflated fuel costs, small business owners’ expectations on improving economic conditions fell seven points to their lowest level since October 2024, while earnings trends overall improved for the month. NFIB Research Center Co-hosts, Holly Wade and Peter Hansen, unpack what the trends and research means for sm...
14 Apr 2026
Ep. 7: Small Business Optimism Falls in March
The March Small Business Economic Trends data is largely reflective of small business owners’ and consumers’ reactions to a dramatic spike in oil prices. Small business owners are having to absorb those higher input costs and pass them along to their customers. NFIB Research Center Co-hosts, Holly Wade and Peter Hansen, calibrate what are considered significant changes in a month like this. Learn more about the February Small Business Economic Trends report and NFIB’s new Small Busines...
10 Mar 2026
Ep. 6: February Data Shows Balanced Labor Market
NFIB’s February Small Business Economic Trends report shows a slight decline of half a point in the Optimism Index, though the Index remains slightly above its historical average (6:12). Podcast co-hosts Holly Wade, NFIB Research Center Executive Director, and Peter Hansen, Director of Research and Policy Analysis, analyze gains in NFIB’s Small Business Employment Index, which shows a balanced labor market through the start of 2026 (9:30) Learn more about the February Small Business Eco...
10 Feb 2026
Ep. 5: January Small Business Data and New Employment Index
NFIB’s January Small Business Economic Trends report reveals a steady start to 2026 with a modestly positive outlook for small businesses. Podcast co-hosts Holly Wade, NFIB Research Center Executive Director, and Peter Hansen, Director of Research and Policy Analysis, discuss the highlights, changes, and optimism for small businesses as they navigate the new year. They also cover NFIB’snew Small Business Employment Index, which uses data collected over the past 40 years to measure the pulse o...
5 Feb 2026
Bonus Episode: NFIB Launches New Employment Index
NFIB’s new Small Business Employment Index unifies several jobs-related metrics into one single measure of the small business labor market—essentially, the NFIB Small Business Optimism Index but for jobs. This new index is constructed from questions on planned and actual changes in employment and employee compensation, featuring data from the past 40 years. Podcast host Holly Wade, NFIB Research Center Executive Director, explores the numbers behind the NFIB Small Business Employment Index an...
13 Jan 2026
Ep. 4: December 2025 and Look-ahead for 2026
The Small Business Economic Trends (SBET) report provides monthly insights into the operating environment for small businesses with data points such as optimism, uncertainty, job openings, pricing, employee compensation, and the health of small businesses. Podcast co-hosts Holly Wade, NFIB Research Center Executive Director, and Peter Hansen, Director of Research and Policy Analysis, discuss the 2025 SBET data reflecting on the top issues for small businesses over the past year, dive into the...
8 Jan 2026
Ep. 3: The History of NFIB Small Business Data
Take a look back at the 52-year history of NFIB’s Small Business Economic Trends report. The monthly report provides experts with a critical data framework for the small business economy. Special guest Bill Dunkelberg, NFIB’s Chief Economist,joins Holly Wade, NFIB Research Center Executive Director, to talk about the report and explore how this data has contributed to our understanding of economic conditions affecting small businesses over the decades. Learn more about the NFIB Research...
9 Dec 2025
Ep. 2: Small Business Optimism Increased in November Data
Holiday shopping is underway, and small business optimism is increasing in NFIB’s recent Small Business Economic Trends data. Co-hosts Holly Wade, NFIB Research Center Executive Director, and Peter Hansen, Director of Research and Policy Analysis, explore causes for the increase in optimism, including positive news on sales, hiring, and compensation plans. They also discuss less encouraging data in the supply and pricing sphere, where inflation-related difficulties are increasing for small bu...
11 Nov 2025
Ep. 1: October Small Business Economic Trends
Each month, the NFIB Research Center surveys a random sample of NFIB members to collect data for the Small Business Economic Trends Report. To kick off the new research podcast, co-hosts Holly Wade, Executive Director of the NFIB Research Center, and Peter Hansen, NFIB’s Director of Research and Policy Analysis, dive deeper into the key findings from the October 2025 survey. Their discussion covers numerous trends that have been difficult to track during the government shutdown data blackout....
10 Nov 2025
Welcome to Small Business by the Numbers
The National Federation of Independent Business has been collecting and analyzing data focused on small businesses for 53 years. In this introductory episode of Small Business by the Numbers, co-hosts Holly Wade, NFIB Research Center Executive Director, and Peter Hansen, Director of Research and Policy Analysis, explainwhy this data matters and provide insight into the topics that will be covered in future episodes.
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