Still struggling to find employees? You’re not alone, at least according to a National Federation of Independent Business (NFIB) report focused on hiring. According to the data from the October report, 43 percent (seasonally adjusted) of all owners reported job openings they could not fill, with 23 percent of small business owners citing labor quality as their top operating issue.
No surprise, the transportation sector, according to the report, had the largest number of available jobs, with 67 percent of companies within the sector claiming to have openings. In comparison, finance reports that only 18 percent of jobs are unfilled. If there’s an upside, it’s that consumers are continuing to spend and the situation hasn’t gotten worse for most small businesses.
The latest data from the Bureau of Labor Statistics did find that job growth slightly cooled in October with 150,000 new jobs added—lower than previous months—which was welcomed news for the Federal Reserve’s attempts to curb inflation. However, hiring remains a chronic issue for small businesses across the county, with levels at historic highs, according to NFIB.
“The labor market has not eased up much on Main Street,” said NFIB Chief Economist Bill Dunkelberg. “Labor demand is still strong and small business owners are working hard to maintain competitive compensation to retain workers and fill critical open positions. Labor quality is still a top problem among small businesses.”
Find the link for the full report here.
Visit nfib.com for more information.