Small businesses see what’s happening in Iran as an omen of tough times ahead, and it may just mean a bigger loss for Main Street in the coming months.
The U.S. Chamber of Commerce’s Small Business Index, which measures small business owner sentiment, fell to 67.0 in the first quarter, retreating further from its all-time high of 72.0 in the third quarter of 2025. The latest number may slightly undersell the anxiety surrounding the Iran war: the survey was conducted between Feb. 25 and March 11, meaning three of those 14 days occurred before the outbreak of the war.
