Small Business Confidence Stays High, But Rising Costs Challenge Growth

Washington, D.C. — Small business confidence continued to climb in the third quarter, according to the latest MetLife & U.S. Chamber of Commerce Q2 2025 Small Business Index . The Q3 2025 Index score of 72.0, up from 65.2 last quarter, was driven by improved views of both the national and local economies.

While optimism is on the rise—particularly around cash flow and economic outlook—small businesses continue to grapple with inflation and escalating costs, which remain the biggest barriers to growth.

“This quarter’s Index reflects a resilient small business community that’s cautiously optimistic about the economy,” said Tom Sullivan, Vice President of Small Business Policy at the U.S. Chamber of Commerce. “But high costs are still holding many back from expanding and investing.”

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