Latest NFIB Survey Shows Job Openings at Record Highs
NFIB, or the National Federation of Independent Business here in South Dakota, thanks Governor Kristi Noem for her announcement today that the State of South Dakota will end its participation in the federal pandemic-related unemployment benefits on June 26th. The Governor cited what small business owners across the state are struggling with: a severe lack of qualified workers. In fact, NFIB’s latest survey, out today, shows that job openings are at record highs.
“Thanks to the governor’s continued guidance and leadership during the pandemic, our small business owners will be better suited to recover from the pandemic,” said Lindsey-Riter Rapp, NFIB State Director in South Dakota. “Phasing out the federal related unemployment benefits will allow our small business owners to hire some of the open positions that they have been struggling to fill. The smallest businesses here in South Dakota want to expand and grow – but they can’t do that if people are sitting on the sidelines. Governor Noem’s actions will help not only our small business owners, but our state’s economy.”
The NFIB Small Business Optimism Index rose to 99.8 in April, an increase of 1.6 points from March. The Optimism Index has increased 4.8 points over the past three months since January but a record 44% of owners reported job openings they could not be filled.
Other key findings include:
- Eight of the 10 Index components improved and two declined.
- The NFIB Uncertainty Index decreased one point to 80.
- Earnings trends over the past three months improved eight points to a net negative 7%.
- Owners have plans to invest in their businesses as the percentage of those planning to make capital expenditures in the next three to six months increased seven points to 27%.
- The percent of owners expecting better business conditions over the next six months fell seven points to a net negative 15%, surprisingly glum.