The National Federation of Independent Business (NFIB) released its September jobs report, indicating that 32% of small business owners reported unfilled job openings, consistent with August figures. This level of unfilled positions has not dipped below 32% since July 2020. Of these openings, 28% were for skilled workers and 13% for unskilled labor.
"Main Street job openings remain above their historical average, with owners reporting few qualified applicants," said Chief Economist Bill Dunkelberg. He noted that while a recession seems unlikely, economic uncertainty persists due to ongoing labor imbalances.
The report highlighted a seasonally adjusted net increase in hiring plans, with 16% of owners intending to create new jobs in the next three months—an increase from August and marking the fourth consecutive monthly rise. Hiring intentions are at their highest since January.
Overall, 58% of small business owners engaged in hiring activities in September, a rise from August's numbers. Among those hiring or attempting to hire, 50% reported difficulty finding qualified candidates—a significant increase. Specifically, 29% cited few qualified applicants, while 21% found none.
Labor quality was identified as the most pressing issue by 18% of owners, a decrease from August. Conversely, concerns over labor costs rose to 11%. In terms of compensation adjustments, a net 31% reported increases in September, while future compensation plans saw a slight decline.
For more details on the NFIB Jobs Report, visit the full report online.
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