Despite November’s Tepid Job Growth, Business Owners Plan Future Hires
According to the latest data from the NFIB’s November jobs report, small business job creation remained tepid, “but more small employers said they have open positions, and a greater percentage of firms reported plans to hire in the future.” The November Jobs Report showed a gain of 0.02 workers per firm for the month, with 15 percent of small firms planning to create jobs, up from 10 percent the previous month and the highest level in 2016. NFIB President and CEO Juanita Duggan said, “Job creation among small businesses was relatively weak in November, but there are clear signs that business owners are feeling better about the future. They are trying to hire, but they are still having a difficult time finding qualified employees.” Meanwhile, NFIB Chief Economist Bill Dunkelberg said small business owners’ plans to create jobs are “a positive sign that small business owners have enough confidence in the future to make investments in new employees.” However, he noted that “the scarcity of qualified workers continues to be a frustration for small employers.”
What This Means For Small Businesses
The Wall Street Journal suggests that the “signal on future hiring” from the NFIB’s data is a positive sign, as owners of companies large and small appear to be anticipating increased growth headed into the New Year. Indeed, the report is an indication that small businesses are poised to end 2016 on a high note. Still, uncertainty remains among small business owners who are looking to more signs of a robust US economy in order to plan future growth.
Additional Reading
The Washington Times also covers the latest NFIB jobs data.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
