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 latest survey is based on 685 respondents to the March 2014 survey of a random sample of NFIB’s member firms.
Small Business Jobs Statement from NFIB’s Chief Economist:
Small Business Job Creation Better Than February But…
NFIB’s chief economist William C. Dunkelberg, issued the following statement on the March 2014 job numbers:
“NFIB owners increased employment by an average of 0.18 workers per firm in March (seasonally adjusted), an improvement over February’s 0.11 reading and the sixth positive month in a row. Seasonally adjusted, 11 percent of the owners (down 1 point) reported adding an average of 2.6 workers per firm over the past few months. Offsetting that, 12 percent reduced employment (up 2 points) an average of 2.1 workers, producing the seasonally adjusted net gain of 0.18 workers per firm overall. While there could still be lingering winter effects in the data, some of the best job producing areas, the Southwest, West and Florida, did not have weather problems and still delivered mediocre growth ratings.
“The remaining 77 percent of owners made no net change in employment. Forty-nine percent of the owners hired or tried to hire in the last three months and 41 percent reported few or no qualified applicants for open positions.
“Twenty-two percent of all owners reported job openings they could not fill in the current period (unchanged). This suggests that the unemployment rate did not change much in March. Thirteen percent reported using temporary workers, unchanged from February.
Job creation plans softened further in February, falling 2 percentage points to a seasonally adjusted net 5 percent compared to 12 percent in January.
“Overall first quarter GDP growth is looking pretty slow (under 2 percent) with weather and pessimistic consumers and business owners all taking a toll on spending growth. As long as Washington continues to flounder and create uncertainty the economy will follow suit.””
Results of the full survey will be released Tuesday, April 8, 2014 at 7:30 AM ET.