The NFIB Small Business Optimism Index fell to 98.7 in August, missing the consensus forecast of 99.3. This represents a reversal from July’s reading of 99.8, which had been the highest since August 2025. The decline was roughly twice as steep as economists had predicted. While the index remains slightly above its historical average of 98.0, this quick pullback suggests fragile underlying confidence among small business owners. The September release will be key to determining whether August’s drop is an anomaly or the start of a downward trend.
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