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 November 2017 and reflects a random sample of 10,000 small-business owners/members.
Small Business Hiring Plans Reach All-Time High in November
With tax reform in view, small business owners make plans to add workers, according to NFIB Jobs Report
NFIB’s chief economist William C. Dunkelberg, issued the following comments on NFIB’s Novemer 2017 Jobs Report:
Small business job creation plans reached an all-time high in November, shattering the previous record for the National Federation of Independent Business (NFIB) monthly Jobs Report, released today.
“We have never seen this kind of intensity around job creation in the 44-year history of the NFIB Jobs Report,” said NFIB President and CEO Juanita Duggan. “This is a powerful signal that small business is roaring back to life and ready to lead another period of economic expansion.”
Plans to create jobs shot up six points in November, a clear sign that small business owners think the economy is strong. The adjusted average employment change per firm dipped slightly at 0.0 down from 0.17.
“Small business owners believe that next year will bring opportunities to grow,” said NFIB Chief Economist Bill Dunkelberg. “They feel very good about the new management team in Washington, they expect Congress to reduce their taxes, and their customers are spending more money. All of that leads to higher demand for workers.”
Fifty-two percent of small business owners reported hiring or trying to hire in November, but 44 percent said they couldn’t find qualified workers. Eighteen percent of small business owners said finding qualified workers was their number one concern, second only to the percent citing taxes.
The tight labor market is driving worker compensation higher. A net 27 percent of owners reported compensation increases, and a net17 percent said they plan to raise compensation in the coming months.
“Overall, labor demand is historically very strong, with historically high job openings and record high plans to create new jobs,” said Dunkelberg.
The full Small Business Economic Trends report will be released on Tuesday, December 12th
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