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 July 2016 and reflects a random sample of 10,000 small-business owners/members.
Small Business Jobs Outlook Negative in July
NFIB data shows that qualified workers are still scarce
NFIB’s chief economist William C. Dunkelberg, issued the following comments on NFIB’s July 2016 Jobs Report:
The small business employment outlook changed little in July as job creation remained flat and business owners struggled to find qualified workers for open positions, according to the Jobs Report released today by the National Federation of Independent Business (NFIB).
“There was little change in small business owner employment activity from June to July,” said NFIB Chief Economist William C. Dunkelberg. “This is consistent with the second quarter GDP growth of 1.2 percent. Policymakers need to keep in mind that without a robust small business sector, the economy will continue to grow at a sluggish pace.”
Job creation among small firms was negative for the second straight month, according to the report. On the bright side, slightly more owners this month said they plan to create jobs in the future.
Compensation levels increased marginally, a sign that owners are trying to find and retain good employees. In fact, small business owners say that finding qualified workers is one of their most important business problems.
NFIB President and CEO Juanita Duggan said that a surge in new government regulations is discouraging small business owners from making long-term financial investments, including new employees.
“The explosion of new regulations is a ball and chain for small business,” said Duggan. “Federal agencies have been churning out new mandates at a dizzying pace, and that creates more risk and uncertainty for small business owners. The regulatory climate is suffocating small business investment and hiring.”
NFIB’s July Jobs Report is based on the NFIB monthly Small Business Economic Trends survey. The survey was conducted in June and reflects the response of 1703 small businesses.
Results of the full survey will be released on Tuesday, August 9th.
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