Jobs Report

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 May and reflects the responses of 616 sampled NFIB members.

Small Business Hiring Strong for 5th Consecutive Month

NFIB jobs report continues to show solid small business hiring, may indicate a decline in unemployment

NFIB’s chief economist William C. Dunkelberg, issued the following comments on NFIB’s May 2015 Jobs Report:

Bill "Dunk" Dunkelberg
NFIB Chief Economist
William Dunkelberg

May continued to show solid, but not spectacular hiring, continuing the trend of previous months in 2015. For the second time this year, a high of 29 percent had openings they couldn’t fill; a high we hadn’t seen since April 2006. This is a strong indication that the unemployment rate will decline further.

“Small employers are starting to feel the economy picking up and they are working hard to meet this demand. While small business historically leads economic recoveries, this time they are slowly catching up to their larger counterparts.

Small businesses with unfilled job openings

“Twenty-nine percent of all owners reported job openings they could not fill in the current period, up 2 points. Tied with February, May is the highest reading since April 2006. This is a strong indication that the unemployment rate will decline further, even if the report of employment growth is sub-par. The supply of available qualified labor is not large enough relative to even weak labor demand to keep the unemployment rate higher.”

“Fifty five percent of small business owners reported hiring or trying to hire, which is up two points from last month.  Plans to create jobs are up one point to a net 12 percent.  Fourteen percent of small employers raised employment an average of 2.7 workers per firm while 12 percent reported reducing employment an average of three workers per firm.  

Average change in employment per small business

 

Small Business Job Creation Plans Through May 2015

Results of the full survey will be released on Tuesday, June 9, 2015.

Overview:

NFIB Jobs Data Recap

Unemployment Forecast:

Unemployment forecast from NFIB

 

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