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 792 respondents to the February 2014 survey of a random sample of NFIB’s member firms.
Small Business Jobs Statement from NFIB’s Chief Economist:
Six More Weeks of Winter Continues to Impact Small Business Hiring
NFIB’s chief economist William C. Dunkelberg, issued the following statement on the February 2014 job numbers:
“NFIB owners increased employment by an average of 0.11 workers per firm in February (seasonally adjusted), virtually unchanged from January. Seasonally adjusted, 12 percent of the owners (down 1 point) reported adding an average of 3.0 workers per firm over the past few months. Offsetting that, 10 percent reduced employment (down 1 point) an average of 2.7 workers, producing the seasonally adjusted net gain of 0.11 workers per firm overall. Since the weather in February was about as bad as January, 150,000 new jobs would be a pleasant surprise. The remaining 78 percent of owners made no net change in employment.
“Small business owners continue to struggle when looking for qualified applicants for available jobs. Forty-seven percent of the owners hired or tried to hire in the last three months and 40 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 February. Thirteen percent reported using temporary workers, down 1 point from January.
“Job creation plans gave up January’s welcome gain, falling 5 percentage points to a seasonally adjusted net 7 percent. Not seasonally adjusted, 17 percent plan to increase employment at their firm (down 1 point), and 4 percent plan reductions (down 1 point).
“Looking forward, winter weather will continue to be a big factor. Data is always seasonally adjusted, but when the weather is “abnormal” as it has been, seasonal adjustments will be off the mark. GDP growth will probably be sluggish in the first quarter and consequently job creation will remain muted, less than 200,000.”
Results of the full survey will be released Tuesday, March 11, 2014 at 7:30 AM ET.