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 2025 and reflects a random sample of 10,000 small-business owners/members.
NFIB Jobs Report: July Job Openings Hit Lowest Levels Since 2020
NFIB’s July jobs report found that 33% (seasonally adjusted) of small business owners reported job openings they could not fill in July, down three points from June and the lowest level since December 2020, though still well above the monthly historical average of 25%. In fact, 21% of small business owners cited labor quality as their single most important problem in July, up five points from June and the largest monthly increase since August 2022.
The challenge of finding qualified workers is easing overall but still remained significant for many small business owners in July. The easing labor market pressures are also reflected in fewer firms raising compensation.
– Bill Dunkelberg, NFIB Chief Economist
Overall, 57% of small business owners reported hiring or trying to hire in July, down one point from June. Forty-eight percent (84% of those hiring or trying to hire) of owners reported few or no qualified applicants for the positions they were trying to fill, down two points. Twenty-nine percent of owners reported few qualified applicants for their open positions and 19% reported none.
Twenty-nine percent have openings for skilled workers (down one point) and 12% have openings for unskilled labor (down one point).
Job openings were the highest in the construction, wholesale, and transportation industries, and the lowest in the finance and agriculture industries.
A seasonally adjusted net 14% of owners plan to create new jobs in the next three months, up one point from June. This remains above the historical average of net 11%.
Seasonally adjusted, a net 27% of small business owners reported raising compensation in July, down six points from June. A net 17% (seasonally adjusted) plan to raise compensation in the next three months, down two points from June. Labor costs reported as the single most important problem for business owners decreased one point from June to 9%.
Click here to view the entire NFIB Jobs Report
The full Small Business Economic Trends report will be released on Tuesday, August 13th.
