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 2017 and reflects a random sample of 10,000 small-business owners/members.
Small Business Hiring Activity Steadies in October
Qualified workers scarce, compensation rises according to NFIB Jobs Report
NFIB’s chief economist William C. Dunkelberg, issued the following comments on NFIB’s October 2017 Jobs Report:
Small business jobs activity rose in October, with more owners trying to hire workers and labor quality concerns and compensation increases rising to their highest levels since December 2000, according to the monthly NFIB Jobs Report.
“Owners are raising compensation at rates not seen since 2000, when a record 64.7 percent of the adult population had a job compared to around 60.0 percent today,” said NFIB Chief Economist Bill Dunkelberg. “October’s report shows a strong jobs month buoyed by the increase in demand for workers to deal with the hurricane damage.”
The adjusted average employment change per firm remained steady at -0.17. Fifty-nine percent of small business owners reported hiring or trying to hire in October, but 52 percent said they couldn’t find qualified workers. Twenty percent of small business owners said finding qualified workers was their number-one concern.
Reports of increased labor compensation remained at strong levels, with twenty-seven percent reporting compensation increases and twenty-one percent of the owners planning to raise compensation in the coming months.
“Small business owners are seeking to hire workers to meet the demand, but the skills gap continues to grow, especially in construction and manufacturing industries,” said Dunkelberg.
The full Small Business Economic Trends report will be released on Tuesday, November 14th
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