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 May 2023 and reflects a random sample of 10,000 small-business owners/members.
NFIB Jobs Report: Small Businesses Have Record High Levels of Job Openings
NFIB’s chief economist William C. Dunkelberg, issued the following comments on NFIB’s May 2023 Jobs Report
According to NFIB’s monthly jobs report, 44% (seasonally adjusted) of all owners reported job openings they could not fill in the current period, down one point from April but still 20 points higher than the 49-year average reading. The percent of owners reporting labor quality as their top small business operating problem remains elevated at 24% and 10% of owners reported labor costs as their single most important problem.
“The labor force participation rate remains below pre-COVID levels, which is contributing to the shortage of workers available to fill open positions,” said NFIB Chief Economist Bill Dunkelberg. “Small businesses have a record high level of job openings currently and are working hard to fill their open positions.”
Small business owners’ plans to fill open positions remain elevated with a seasonally adjusted net 19% planning to create new jobs in the next three months, up two points from April.
Overall, 63% reported hiring or trying to hire in May. Of those hiring or trying to hire, 89% of owners reported few or no qualified applicants for the position they were trying to fill. Thirty-one percent of owners reported few qualified applicants for their open positions and 24% reported none.
Seasonally adjusted, a net 41% of owners reported raising compensation, up one point from April and nine points below the 49-year record set in January 2022. A net 22% of owners plan to raise compensation in the next three months.
Thirty-eight percent of owners have openings for skilled workers and 20% have openings for unskilled labor. They simply don’t see enough qualified applicants.
Click here to view the entire NFIB Jobs Report
The full Small Business Economic Trends report will be released on Tuesday, June 13th.