Job openings among small businesses remained steady in September, according to the latest jobs report from the National Federation of Independent Business (NFIB). The survey found that 32% of small business owners reported job openings they could not fill, unchanged from August. This figure has not fallen below 32% since July 2020.
Of those surveyed, 28% had openings for skilled workers and 13% for unskilled labor, both figures also unchanged from the previous month.
“Main Street job openings remain above their historical average, with owners reporting few qualified applicants,” said Chief Economist Bill Dunkelberg. “While a recession appears unlikely, small business owners continue to experience economic uncertainty as many owners continue to grapple with labor imbalances.”
NFIB State Director Jerrod Shouse added: “Finding qualified applicants remains a challenge for our small business owners. That’s creating some uncertainty on Main Street.”
The report showed that hiring intentions are increasing. A seasonally adjusted net 16% of owners plan to create new jobs in the next three months, up one point from August and marking the fourth consecutive monthly increase. This is the highest level since January.
Overall, 58% of small business owners reported hiring or trying to hire in September, which is an increase of five points compared to August. Among those hiring or attempting to hire, half said they had few or no qualified applicants—a rise of seven points. Specifically, 29% reported few qualified applicants while 21% said there were none.
Labor quality was cited as the single most important problem by 18% of respondents in September, down three points from August. Meanwhile, concerns about labor costs increased by three points to reach 11%.
Regarding compensation trends, a seasonally adjusted net 31% of business owners raised pay in September—an increase of two points from August—while a net 19% plan to raise compensation over the next three months, down one point.
The full NFIB Jobs Report can be accessed at https://www.nfib.com/surveys/small-business-economic-trends/.
