Jobs Report
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 April 2026 and reflects a random sample of 5,000 small-business owners/members.
Employment Index Falls Below 2025 Average
NFIB’s April Jobs Report shows softening in the employment market as the Small Business Employment Index fell 1.2 points to 100.4. This is the second consecutive month the Index declined. The current reading is now below the 2025 average of 101.2, but slightly above the historical average of 100.0. This decline is indicative of weakening in the labor market, though the just-above-average level still suggests a balanced labor market.
In April, 34% (seasonally adjusted) of small business owners reported job openings they could not fill, up 2 points from March and the highest level since June 2025. Unfilled job openings remain above the historical average of 24%. Twenty-nine percent have openings for skilled workers (up 2 points), and 13% have openings for unskilled labor (up 1 point).
“Even in a month with a weaker Employment Index, over half of small business owners reported hiring or trying to hire,” said Chief Economist Bill Dunkelberg. “A lack of qualified applicants has been a major hurdle for Main Street, and employers are struggling to fill open positions.”
A seasonally adjusted net 13% of owners plan to create new jobs in the next three months, up 1 point from March and close to the average of net 11%.
Overall, 53% of owners reported hiring or trying to hire in April, up 1 point from March. Forty-six percent of owners (87% of those hiring or trying to hire) reported few or no qualified applicants for the positions they were trying to fill (up 1 point). Twenty-six percent reported few qualified applicants (up 4 points), and 20% reported none (down 3 points).
In April, 18% of small business owners cited labor quality as their single most important problem, up 3 points from March and above the historical average of 12%. Nine percent of business owners reported labor costs as their single most important problem, down 1 point from March.
Seasonally adjusted, a net 30% of small business owners reported raising compensation in April, down 3 points from March. A net 18% (seasonally adjusted) plan to raise compensation in the next three months, unchanged from March.
