WASHINGTON — The August jobs report from the National Federation of Independent Business (NFIB) finds that 32% (seasonally adjusted) of small-business owners reported job openings they could not fill in August, down 1 point from July.
The last time unfilled job openings fell below 32%, the organization notes, was in July 2020. Twenty-eight percent have openings for skilled workers (down 1 point), and 13% have openings for unskilled labor (up 1 point).
“While the economy appears to be doing well, small businesses are scaling back on job openings,” says NFIB Chief Economist Bill Dunkelberg. “Small-business owners with job openings are still looking for qualified applicants, many citing labor quality as their single most important problem.”
In August, 21% of small-business owners cited labor quality as their single most important problem, unchanged from July. Those pointing to labor costs as their single most important problem fell 1 point from July, to 8%.
Overall, 53% of small-business owners reported hiring or trying to hire in August, down 4 points from July. Forty-three percent reported few or no qualified applicants for the positions they were trying to fill, down 5 points. Twenty-six percent of owners reported few qualified applicants for their open positions, and 17% reported none.
Twenty-eight percent have openings for skilled workers (down 1 point) and 13% have openings for unskilled labor (up 1 point).
Job openings were the highest in the construction, manufacturing and transportation industries, and the lowest in the wholesale and finance industries.
A seasonally adjusted net 15% of owners plan to create new jobs in the next three months, up 1 point from July, and the third consecutive monthly increase.
Seasonally adjusted, a net 29% of small-business owners reported raising compensation in August, up 2 points from July. A net 20% (seasonally adjusted) plan to raise compensation in the next three months, up 3 points from July.
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