The latest jobs report from the National Federation of Independent Business (NFIB) indicates a decline in job openings among small businesses. In September, 34% of small business owners reported unfilled positions, marking a decrease of six points from August and reaching the lowest level since January 2021.
"Overall, the job market appears to be softening, and New York’s small business owners are noting the shift," stated NFIB New York State Director Ashley Ranslow. She expressed concern about the implications for economic growth in New York, emphasizing the need for policies that support business expansion and job creation.
In September, 59% of small business owners were either hiring or attempting to hire, which is three points lower than in August. Among these owners, 52% reported a lack of qualified applicants for their open positions. Specifically, 30% noted few qualified candidates while 22% found none.
Job openings for skilled workers fell by six points to 30%, while openings for unskilled labor decreased by one point to 14%. The construction sector saw a seven-point drop in job openings compared to August, with 53% unable to fill available positions. Construction, transportation, and manufacturing had the highest number of job openings; agriculture and finance had the least.
A net 15% of owners plan to create new jobs over the next three months, showing an increase of two points from August. Meanwhile, labor quality as a primary concern dropped four points to 17%, while labor costs remained steady at 9%.
In terms of compensation trends, a net 32% reported raising wages in September—down one point from August—and reached its lowest since April 2021. Looking ahead, a net 23% plan wage increases within three months, up by three points from August.
