Jobs Report

NFIB Small Business Jobs Report

The NFIB Research Foundation has collected Small Business Economic Trends data with quarterly surveys since 1974 and monthly surveys since 1986. Survey respondents are drawn from NFIB’s membership. The survey was conducted in June 2018 and reflects a random sample of 10,000 small-business owners/members.

Small Businesses Hiring or Trying to Hire Hits Nineteen Year High in NFIB June Jobs Report

Owners continue plans for compensation increases as finding qualified workers remains the biggest problem

NFIB’s chief economist William C. Dunkelberg, issued the following comments on NFIB’s June 2018 Jobs Report:

Bill "Dunk" Dunkelberg
NFIB Chief Economist
William Dunkelberg

Small business owners are continuing to hire and create new jobs at historically high levels, according to NFIB’s monthly Jobs Report, released today. Sixty-three percent of owners reported hiring or trying to hire, up five points from last month and the highest level since September 1999. A seasonally-adjusted net 20 percent plan to create new jobs, up two points from May.

“Small business owners, once again, are continuing to be the driving force of our economy by hiring at record levels and adding new jobs,” said NFIB President and CEO Juanita Duggan. “The number of owners hiring or looking for workers strengthened.”

The search for qualified workers remains owners’ biggest problem, but many continue plans to increase compensation to attract workers. Twenty-one percent of owners cited the difficulty of finding qualified workers as their Single Most Important Business Problem, only three points below the survey record. Thirty-six percent of all owners reported job openings they could not fill in the current period, up 3 points matching the survey record high set in November 2000.  To compete in the tight labor market, a net 31 percent of owners reported raising compensation, marking the sixth straight month it has been 30 percent (net) or higher.

“Right now, more firms are looking for workers than workers looking for a job,” said NFIB Chief Economist Bill Dunkelberg. “The competition for existing workers has tightened the labor market for both skilled and unskilled workers.”

Hiring is the strongest in construction, manufacturing, and financial services. Owners are also adding resources to invest in training for both new and existing workers.

Click here to view the entire NFIB Jobs Report.

The full Small Business Economic Trends report will be released on Tuesday, July 10th

Contact Maggie Hall:
202-314-2073

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