Uncertainty remained high among U.S. small businesses in May, according to data released Tuesday from the National Federation of Independent Business (NFIB).

"Although optimism recovered slightly in May, uncertainty is still high among small business owners," said NFIB chief economist Bill Dunkelberg. "While the economy will continue to stumble along until the major sources of uncertainty are resolved, owners reported more positive expectations on business conditions and sales growth."

According to the small business optimism index, a net 1 percent of small business owners viewed current inventory stocks as "too low" in May, up 7 points from the month prior and the highest reading since August 2022.

This was the largest monthly increase in the survey's history.

The net percent of owners expecting better business conditions rose 10 points from April to a net 25 percent.

The net percent of owners expecting higher real sales volumes rose 11 points from April to a net 10 percent. This component contributed the most to the small business optimism index's improvement.

This occured amid President Donald Trump's sweeping tariffs.