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 April 2016 and reflects a random sample of 10,000 small-business owners/members drawn with 1644 usable responses received for a response rate of 16%.
Small Business Employment Slightly Weakens in April
NFIB data shows that small business owners are trying to hire, but cannot find qualified workers
NFIB’s chief economist William C. Dunkelberg, issued the following comments on NFIB’s April 2016 Jobs Report:
A large portion of small business owners reported that they were hiring or trying to hire, yet job creation turned slightly negative in April, according to the Jobs Report released today by the National Federation of Independent Business (NFIB).
“For the first four months of 2016, job creation has been stagnant,” said NFIB Chief Economist William Dunkelberg. “Month after month we see no strong direction in our jobs report. This month hiring activities increased, but apparently applicants are not qualified for the open positions.”
The average employment change during the month of April decreased to an average loss of 0.08 workers per firm. Twelve percent reported increasing employment an average 2.2 workers per firm while 13 percent reported reducing employment an average of 3.5 workers per firm. Up 5 points, 53 percent of owners reported hiring or trying to hire. Of those trying to hire, 87 percent reported few or no qualified applicants for the positions that they were trying to fill. Twelve percent of owners cited the difficulty of finding qualified workers as their Single Most Important Problem, a high reading for this recovery. Twenty-nine percent of all owners reported job openings that they could not fill in the current period, which is up 4 points. A seasonally adjusted net 11 percent plan to create new jobs, up 2 points from March.
“For several months, owners have been reporting that finding qualified workers is the third ‘Single Most Important Business Problem’ behind taxes and government regulations and red tape,” Dunkelberg continued. “Small business owners want to hire and that is clear from our data, but they’re scrambling to find applicants to fill open positions.”
He also predicts that the April jobs number will remain weak, close to the 200,000 mark with little change in the unemployment rate.
NFIB’s April Jobs Report is based on the NFIB monthly Small Business Economic Trends survey. The survey was conducted in April and reflects the response of 1644 small businesses.
Results of the full survey will be released on Tuesday, May 10th.
Expected Jobs Numbers: