Small-Business Employment Growth Slows Down: Report from American Drycleaner

Small Business Job Openings Drop to Pre-Pandemic Levels: NFIB Jobs Report

The National Federation of Independent Business (NFIB) recently released its monthly jobs report, revealing that 37% of small business owners reported job openings they could not fill in the current period. This is a decrease from January and the lowest reading since January 2021. Additionally, the percentage of owners reporting labor quality as their top small business operating problem declined to 16%, the lowest since April 2020.

According to NFIB Chief Economist Bill Dunkelberg, job openings among small businesses decreased in February to pre-pandemic levels. Although employment activity has slowed, labor demand remains strong as owners find it easier to locate qualified workers. Owners’ plans to fill open positions have also slowed, with a net 12% planning to create new jobs in the next three months, the lowest level since May 2020.

The report also highlighted that labor costs are a growing concern for business owners, with 11% reporting it as their single most important problem. Despite this, 56% of owners reported hiring or trying to hire in February. However, 91% of those trying to hire reported few or no qualified applicants for the positions they were attempting to fill.

In terms of compensation, a net 35% of owners reported raising it, the lowest reading since May 2021. Looking ahead, a net 19% plan to raise compensation in the next three months, indicating a slight decline. The report also showed that 32% of owners have openings for skilled workers, while 12% have openings for unskilled labor.

Job openings were highest in the construction, transportation, and wholesale sectors, with over half of construction businesses reporting a job opening they couldn’t fill. On the other hand

Leave a Reply

ECU Health to host flag-raising ceremony honoring organ donors and recipients Previous post From Donor to Gift: ECU Health Hosts Pause to Give Life Event for Organ Donors and Recipients
Nominees for Boys Wrestling at the North Jersey High School Sports Awards Next post Battle for North Jersey High School Wrestling Athlete of the Year: Nominees Revealed