Small business sentiment declines as concerns about inflation rise
Washington, DC, April 7, 2026 — The Q1 2026 U.S. Chamber of Commerce Small Business Index is 67.0, down slightly from last quarter’s Index score of 68.4. The current Index score sits ahead of its reading from this time last year (62.3), but sentiments have declined since Q3 2025 (72.0), when the Index reached its highest point ever. While business health remains stable, views of the national and local economies are more pessimistic.
*Note: The majority of this month’s fieldwork was completed after the start of the conflict in Iran on February 28.
Compared to last quarter, significantly fewer small businesses report planning to increase their staff or investment in the next year. This comes as concerns about inflation have risen, with a majority now saying it is the biggest challenge facing small business owners. Notably, the share who are very comfortable with their cash flow has declined significantly over the past two quarters.
For more information about this study, please click here.
About the Study
These are the findings of an Ipsos poll conducted between February 25th to March 11th, 2026. For this survey, a sample of 751 small business owners and operators age 18+ from the continental U.S. Alaska and Hawaii was interviewed online in English.
The sample was randomly drawn from partner online panel sources that specialize in B2B sample and does not rely on a population frame in the traditional sense. Ipsos uses fixed sample targets, unique to the study, in drawing sample. Small businesses are defined in this study as companies with 500 or fewer employees that are not sole proprietorships. This sample calibrates respondent characteristics to be representative of the U.S. small business population using standard procedures such as raking-ratio adjustments. The sample drawn for this study reflects fixed sample targets on firmographics. Post-hoc weights were made to the population characteristics on region, industry sector and size of business. The source of these population targets is U.S. Census 2022 Statistics of U.S. Businesses dataset. Additional post-hoc weights were made to the population characteristics on the gender of the business’s owner and whether the business is minority-owned or not. The source of these two weight variables is the Small Business Administration’s 2025 Small Business Profiles.
Statistical margins of error are not applicable to online non-probability polls. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error and measurement error. Where figures do not sum to 100, this is due to the effects of rounding. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll has a credibility interval of plus or minus 4.4 percentage points for all respondents. Ipsos calculates a design effect (DEFF) for each study based on the variation of the weights, following the formula of Kish (1965). This study had a credibility interval adjusted for design effect of the following (n=751, DEFF=1.5, adjusted Confidence Interval=+/-5.9 percentage points).
Starting with the March 2020 survey, small business decision makers are reached via an online survey, in place of the typical phone-based approach. This methodological shift is in response to lower anticipated response rates in dialing owners at their businesses as a result of mandated closures related to the COVID-19 outbreak. While significant changes in data points can largely be attributed to the recent economic environment, switching from a phone to online approach may have also generated a mode effect.
For more information on this news release, please contact:
Mallory Newall
Vice President, US
Public Affairs
+1 202 374 2613
About Ipsos
Ipsos is one of the largest market research and polling companies globally, operating in 90 markets and employing nearly 20,000 people.
Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 business solutions are based on primary data from our surveys, social media monitoring, and qualitative or observational techniques.
“Game Changers” – our tagline – summarizes our ambition to help our 5,000 clients navigate with confidence our rapidly changing world.
Founded in France in 1975, Ipsos has been listed on the Euronext Paris since July 1, 1999. The company is part of the SBF 120, Mid-60 indices, and is eligible for the Deferred Settlement Service (SRD).
ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP
