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 October 2022 and reflects a random sample of 10,000 small-business owners/members.

NFIB Jobs Report: Labor Troubles Continue on Main Street

NFIB’s chief economist William C. Dunkelberg, issued the following comments on NFIB’s October 2022 Jobs Report

Bill "Dunk" Dunkelberg
NFIB Chief Economist
William Dunkelberg

According to NFIB’s monthly jobs report, small business owners continue to struggle with labor issues as 23% of owners report labor quality as their top business problem, second to inflation. Ten percent of owners report labor cost as their top business problem, a historically high reading.

“The labor shortage remains a challenging problem for small business owners,” said NFIB Chief Economist Bill Dunkelberg. “Because of staffing shortages, small business owners’ are less able to take full advantage of current sales opportunities and continue to make business adjustments to compensate.”

Small business owners’ plans to fill open positions remain elevated, with a seasonally adjusted net 20% planning to create new jobs in the next three months, down three points from September but still historically strong.

Sixty-one percent of owners reported hiring or trying to hire in October, down three points from September. Of those hiring or trying to hire, 90% of owners reported few or no qualified applicants for the positions they were trying to fill. For all firms including those not actively hiring, thirty percent of owners reported few qualified applicants for their open positions and 25% reported none.

Seasonally adjusted, a net 44% reported raising compensation, down one point from September but just six points below the 48-year record high set in January. A net 32% plan to raise compensation in the next three months, up nine points from September. This will put continued pressure on prices.

Forty-six percent (seasonally adjusted) of all owners reported job openings they could not fill in the current period, unchanged from September. Forty percent of owners have openings for skilled workers and 22% have openings for unskilled labor.

Click here to view the entire NFIB Jobs Report

The full Small Business Economic Trends report will be released on Tuesday, November 8th.

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