The September National Federation of Independent Business survey saw its sentiment index rise 0.3 points, but it was still well below the historic average.

Optimism has increased, but it’s still below a 50-year average, a National Federation of Independent Business survey shows.

The NFIB reports a spike in its uncertainty index, perhaps triggered by thrifty consumers and the upcoming election.

The National Association of Independent Business’s small business optimism index has been below its historical average for nearly two years.

In August, for the 20th straight month, business owners scored their outlook below average.

When it comes to sales, inventory, hiring, credit conditions and more, small business owners are wary.

Owners expect lower sales and worse business conditions in the coming months, reflected in the NFIB’s declining optimism index.

And the percentage of owners expecting better conditions fell to the lowest level since November 2013, the NFIB finds.

Just 3% say they’re feeling bullish enough to borrow money, despite interest rates near historic lows.

A survey from the NFIB finds optimism at pre-pandemic levels, but not necessarily for businesses in the service sector like restaurants and retail shops.