About the SBET Survey
NFIB is the largest small business trade association in the country with members in every state and every industry grouping. The SBET survey has proven to be a reliable gauge of small business economic activity over time.
The SBET survey was first mailed out in October 1973 and was issued quarterly until January 1986, when it became a monthly publication. The survey’s questionnaire has remained essentially unchanged throughout its history in order to preserve the integrity of the time series data.
The survey contains questions related to recent performance, near-term forecasts, pricing behavior, demographics, credit conditions, compensation, inventories, sales, earnings, employment, and investment.
Download a current copy of the SBET survey questionnaire.
The Index of Small Business Optimism
The Small Business Optimism Index is constructed as an equally-weighted average of ten variables that are seasonally adjusted from the SBET survey. The Index provides a monthly summary data point for the state of the small business economy.
It is a coincident indicator of the national economy, although it also offers direction for the small business sector’s immediate prospects. The ten indicators include good time for business expansion, general economic outlook, expected sales, current earnings, planned capital outlays, current job openings, hiring plans, current inventory satisfaction, expected inventory change, and expected credit conditions.
These indicators were selected because they were forward looking or supportive of hiring and spending.
Industries Index
The industries for which NFIB provides data include agriculture, construction, manufacturing, wholesale, retail, transportation, financial services, professional services, and non-professional services. The industry data appear in January, April, July, and October.
The SBET questionnaire divides the services industry into three groups: financial services, professional services, and non-professional services. The division of the latter two groups was particularly arbitrary. The NAICS coding is very close in practice to NFIB’s professional and non-professional services.
The NAICS professional, scientific, technical, health, social, and educational services combined approximate professional services. Administrative, support, waste management, accommodation, food, and other services combined approximate non-professional services.
NFIB Research Center
The NFIB Research Center produces Small Business Economic Trends. The Center was established to promote greater understanding of small business and the conditions that impact it. Today, it produces and disseminates various surveys, economic simulations, and studies on small business, focusing on small business operations and public policy impacts.
The SBET survey is a vital resource for policymakers, economists, researchers, and business owners seeking timely insights into small business economic conditions.
