March 2025 Small Business Data Outlook: Rising Uncertainty is Causing Concern

Summary: Small business owners are positive about their finances, but are pausing expansion plans because of inflation.

• 69% of small business owners feel positive about their financial outlook in 2025.
• 46% of small businesses expect to add jobs this year.
• 88% of small business owners believe that lower interest rates will help their business.
• 54% of small businesses believe that the Trump Administration should address inflation, making it the top small business priority.
• 57% of small business owners believe their business is being held back by regulatory red tape.
• 60% of small business owners want Congress to simplify the tax code and 74% want Congress to prevent the 20% deduction that applies to most small businesses from expiring at the end of 2025.

Learn more about this data from the Goldman Sachs 10,000 Small Business Voices National Survey, published March 6, 2025.

Summary: Small businesses are scaling back plans to hire even as wages stabilize.

• 38% of small businesses reported job openings they could not fill in February (3 points higher than January).
• 53% of small businesses hired or tried to hire in February (1 point higher than January).
• 15% of small business owners are planning to create new jobs in the next 3-months (3 points lower than January).
• 33% of small businesses raised wages in February (unchanged from January) and 18% plan on raising compensation in the next 3 months (down 2 points from January).
• 31% of small businesses have openings for skilled workers (up 2 points from January) and 13% have openings for unskilled labor (3 points higher than January).
• 53% of small businesses in construction have a job opening they can’t fill (1 point higher than January).

Learn more about this data from the National Federation of Independent Business (NFIB) Jobs Report, published on March 6, 2025.

Summary: Growth in spending slowed in February.

• Month-over-month sales at small businesses in February rose 0.1% from January.

Learn more about this data from the Fiserv Small Business Index, published on March 3, 2025.