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 July 2018 and reflects a random sample of 10,000 small-business owners/members.

Small Businesses Unfilled Job Openings Reaches Record High

NFIB monthly jobs report shows owners adding workers and raising compensation

NFIB’s chief economist William C. Dunkelberg, issued the following comments on NFIB’s July 2018 Jobs Report:

Bill "Dunk" Dunkelberg
NFIB Chief Economist
William Dunkelberg

The tight labor market continues to be the biggest problem facing small businesses, with 37 percent of owners reporting job openings they could not fill in the current period, a new survey high. Up one point from June, 13 percent of owners reported using temporary workers to compete in the tight labor market according to NFIB’s monthly jobs report, released today.

“The July jobs report shows the magnitude of small businesses that are growing and hiring at record levels, creating new jobs and opportunities for the workforce, and offering employees higher compensation,” said NFIB President and CEO Juanita D. Duggan.

Job openings are most frequent in construction (57 percent), manufacturing (46 percent), and wholesale trades (45 percent). Small business owners reported job openings for both skilled and unskilled labor. Thirty-three percent reported openings for skilled workers and 15 percent reported openings for unskilled labor, both two points higher than June’s report.

The number of small businesses planning to create jobs across the country remains at record high levels in July, while owners added the largest number of workers in 12 years. A seasonally-adjusted net 23 percent are planning to create new jobs, up two points from June’s 21 percent. Owners added the largest number of workers per firm since 2006, adding a net 0.37 workers per firm on average.

“Small business owners are continuing to show that they’re looking to hire and willing to pay more to hire the right employees,” said NFIB Chief Economist Bill Dunkelberg. “Record job openings suggest that the economy can keep up its growth pace over the next few years if the labor shortage can be resolved or mitigated.”

Small businesses report a net 32 percent of higher worker compensation, up one point from last month. Plans to raise compensation rose one point to a net 22 percent, two points below the peak of 24 percent in January of this year.

Click here to view the entire NFIB Jobs Report.

The full Small Business Economic Trends report will be released on Tuesday, August 14th

Contact Maggie Hall:
202-314-2073

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