In September, 32% of small business owners reported having job openings they could not fill, according to the latest jobs report from the National Federation of Independent Business (NFIB). This figure, which is seasonally adjusted, remained unchanged from August. The last time unfilled job openings fell below this level was in July 2020.
The report also found that 28% of owners had openings for skilled workers and 13% had openings for unskilled labor, with both percentages remaining steady compared to the previous month.
“Main Street job openings remain above their historical average, with owners reporting few qualified applicants,” said Chief Economist Bill Dunkelberg. “While a recession appears unlikely, small business owners continue to experience economic uncertainty as many owners continue to grapple with labor imbalances.”
A net 16% of owners plan to create new jobs in the next three months, which represents a one-point increase from August and marks the fourth consecutive monthly rise. Hiring plans are at their highest since January.
Hiring activity also increased: 58% of small business owners reported hiring or trying to hire in September—an increase of five percentage points over August. Among those hiring or attempting to hire, half indicated there were few or no qualified applicants for their positions. Twenty-nine percent cited few qualified applicants and 21% said there were none.
Labor quality was identified by 18% of respondents as their most important problem, a decrease of three points from August. Meanwhile, concern about labor costs rose by three points to 11%.
Regarding compensation trends, a net 31% of small business owners reported raising wages in September—up two points from August—and a net 19% plan to raise compensation in the next three months, down one point.
For more details on these findings and additional statistics from NFIB’s September Jobs Report visit NFIB Jobs Report.
