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 September 2024 and reflects a random sample of 10,000 small-business owners/members.
NFIB Jobs Report: Main Street Job Openings Fall to Three-Year Low
NFIB’s chief economist William C. Dunkelberg, issued the following comments on NFIB’s September 2024 Jobs Report
NFIB Chief Economist
William Dunkelberg
NFIB’s September jobs report found that 34% (seasonally adjusted) of small business owners reported job openings they could not fill in September, down 6 points from August and the lowest reading since January 2021.
“Overall, the job market appears to be softening,” said NFIB Chief Economist Bill Dunkelberg. “Fewer small firms have openings they can’t fill as we head into fall. But many still report trouble finding qualified applicants and plans to increase compensation is once again on the rise.”
Overall, 59% of small business owners reported hiring or trying to hire in September, down three points from August. Fifty-two percent (90% of those hiring or trying to hire) of owners reported few or no qualified applicants for the positions they were trying to fill. Thirty percent of owners reported few qualified applicants for their open positions and 22% reported none.
Thirty percent have openings for skilled workers (down six points) and 14% have openings for unskilled labor (down one point).
Job openings in construction were down seven points from August and about half of them (53%) have a job opening they can’t fill. Job openings were the highest in the construction, transportation, and manufacturing sectors, and the lowest in the agriculture and finance sectors.
A seasonally adjusted net 15% of owners plan to create new jobs in the next three months, up two points from August.
The percent of small business owners reporting labor quality as their top small business operating problem fell four points from August to 17%. Labor costs reported as the single most important problem for business owners was unchanged at 9%, four points below the highest reading of 13% reached in December 2021.
Seasonally adjusted, a net 32% of small business owners reported raising compensation in September, down one point from August and the lowest reading since April 2021. A net 23% (seasonally adjusted) plan to raise compensation in the next three months, up three points from August.
Click here to view the entire NFIB Jobs Report
The full Small Business Economic Trends report will be released on Tuesday, October 8th.
