Episode Overview
Podcast: Your Money Minute
Episode Title: Small Business Owners Feel Worse About The Economy
Host: CNBC’s Jessica Edinger
Air Date: October 30, 2025
Duration: ~1 minute
In this concise episode, host Jessica Edinger explores newly released data indicating that small business owners are growing increasingly pessimistic about the state of the economy. Drawing from the latest National Federation of Independent Business (NFIB) report, the segment highlights key factors driving this sentiment shift, including rising uncertainty, new tariffs, and inflationary pressures.
Key Discussion Points & Insights
1. Rising Economic Pessimism Among Small Business Owners
- Small business owners are reporting more negative perceptions about their businesses, the broader economy, and inflation.
Jessica Edinger: “Small business owners are feeling worse about their businesses, inflation and the economy.” [00:00]
2. NFIB Report Findings
- The September data reveals significant shifts:
- Deterioration in Sentiment:
Sarah Eisen: “There was a deterioration in September. The uncertainty index rose to the highest level since February.” [00:09]
- Decline in Optimism:
Sarah Eisen: “It was a step back—a decline for the month of September. The optimism index overall.” [00:21]
3. Uncertainty Near Historic Highs
- Uncertainty among owners reached its fourth highest level in 50+ years, highlighting widespread anxiety:
Jessica Edinger: “Uncertainty hit its fourth highest reading in more than 50 years in September among small business owners.” [00:27]
4. The Role of Tariff Policy Changes
- Rising optimism over the summer months reversed course following a change to the de minimis tariff rule (on imports under $800), which imposed new tariffs and increased costs:
Jessica Edinger: “Optimism had been rising for three straight months...until September. That’s when the de minimis rule change hit, slapping tariffs on imported items under $800.” [00:36]
5. Inflation and Pricing Worries
- The new tariffs are expected to prompt more businesses to raise prices, contributing further to inflation concerns:
Sarah Eisen: “Given all of the tariffs, you know, more firms planning to raise prices. So we’re going to be on the lookout for those inflationary worries.” [00:49]
6. Where to Learn More
- For further details, listeners are directed to CNBC’s website:
Jessica Edinger: “Lots more on small business sentiment at cnbc.com.” [01:01]
Notable Quotes & Memorable Moments
-
“Small business owners are feeling worse about their businesses, inflation and the economy.”
— Jessica Edinger [00:00]
-
“There was a deterioration in September. The uncertainty index rose to the highest level since February.”
— Sarah Eisen [00:09]
-
“Optimism had been rising for three straight months through the summer...until September...when the de minimis rule change hit, slapping tariffs on imported items under $800.”
— Jessica Edinger [00:36]
Timestamps for Important Segments
- 00:00: Jessica Edinger introduces the main theme: declining optimism among small business owners.
- 00:09: Sarah Eisen unpacks the NFIB report’s key finding: a climb in the uncertainty index.
- 00:27: Edinger cites the near-historic high in small business uncertainty.
- 00:36: Impact of de minimis rule change and tariffs on optimism trend.
- 00:49: Eisen forecasts more price increases and continued inflation concerns.
Summary in the Original Tone
This episode of Your Money Minute uses clear, data-driven language to outline a sobering shift in small business sentiment, spotlighting rising uncertainty and the potential ripple effects of new tariffs and inflation. The tone is brisk and informative, offering listeners a direct lens into important trends shaping the economic outlook for small business owners. For more in-depth analysis, CNBC encourages ongoing engagement at their website.
