Early July 2025 data on small businesses indicates a mix of optimism and ongoing concerns, as reported by the U.S. Chamber. The implementation of the One Big Beautiful Bill Act has brought some certainty to small businesses, but issues such as tariffs and hiring remain significant.
Tariffs are affecting numerous small businesses nationwide, leading to uncertainty, increased costs, and cancellations. In response, the U.S. Chamber is providing support through briefings, resources, and advocacy efforts.
Consumer spending has tightened since May; however, sales have increased compared to 2024. June’s month-over-month sales saw a decline of 1.4% from May, yet there was a year-over-year increase of 4.4% compared to June 2024.
Hiring trends reveal that more small businesses are looking to hire and are raising wages. The National Federation of Independent Business (NFIB) reports that 36% of small businesses had job openings they could not fill in June, with 86% facing a shortage of qualified applicants. Additionally, 30% have openings for skilled workers and 13% for unskilled labor.
In terms of compensation, 33% of small businesses increased pay in June—the largest percentage rise in five years—while 19% plan further raises in the coming months.
The Fiserv May Small Business Index and NFIB June Jobs Report provide more insights into these trends.
