Record job vacancies, increased wages mean plenty of opportunities for unemployed workers
OLYMPIA, Wash., July 1, 2021—The release of today’s monthly Jobs Report by the National Federation of Independent Business (NFIB) showed only a tiny drop in the percentage of small-business owners finding it difficult to attract qualified employees. It also showed record highs in compensation being offered, underscoring the problem even more.
“The ongoing labor shortage is a big problem for small businesses finally able to resume full operations,” said Patrick Connor, NFIB’s Washington state director. “It should come as good news, however, to unemployed workers whose job-search requirements kick in July 4. Basically, the record number of unfilled positions and rising compensation mean there are plenty of good-paying jobs available for those willing and able to work.”
Highlights from the Jobs Report
- According to NFIB’s monthly jobs report, 46% of small business owners reported job openings they could not fill in the current period, down two points from May but still above the 48-year historical average of 22%. Small business owners continue to struggle to find qualified workers for their open positions while raising compensation at a record high level.
- A net 39% (seasonally adjusted) of owners reported raising compensation (up five points), a record high. A net 26% plan to raise compensation in the next three months (up four points).
From NFIB Chief Economist Bill Dunkelberg
- “In the busy summer season, many firms haven’t been able to hire enough workers to efficiently run their businesses, which has restricted sales and output,” said NFIB Chief Economist Bill Dunkelberg. “In June, we saw a record high percent of owners raising compensation to help attract needed employees and job creation plans also remain at record highs. Owners are doing everything they can to get back to a full, productive staff.”
NFIB’s Jobs Report is a national snapshot not broken down by state. Today’s results were based on 592 respondents to the June survey of a random sample of NFIB’s member firms, surveyed through 6/28/2021. The NFIB Research Foundation has collected Small Business Economic Trends data with quarterly surveys since 1974 and monthly surveys since 1986.
Keep up with the latest Washington state small-business news at www.nfib.com/washington or by following NFIB on Twitter @NFIB_WA or on Facebook @NFIB.WA
For 78 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
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