• Thu. Apr 18th, 2024

Small Business Employment Activity Slows Down: NFIB Report Shows Job Openings at Pre-Pandemic Levels

BySamantha Jones

Apr 3, 2024
Small-Business Employment Growth Slows: Report from American Drycleaner

Small business job openings have decreased to pre-pandemic levels, according to the latest monthly jobs report by the National Federation of Independent Business (NFIB). This is reflected in the 37% of owners who reported job openings they cannot fill, which is down two points from January and the lowest reading since January 2021. The percentage of small business owners citing labor quality as their top operating problem has also decreased five points from January to 16%, the lowest reading since April 2020.

Despite this decrease in employment activity, labor demand remains strong. Owners’ plans to fill open positions continue to slow, with a seasonally adjusted net 12% planning to create new jobs in the next three months, down two points from January and the lowest level since May 2020. Labor costs are still reported as the single most important problem for business owners, increasing one point to 11%, only two points below the highest reading of 13% reached in December 2021.

A total of 56% of owners reported hiring or trying to hire in February, up one point from January. Of those hiring or trying to hire, 91% reported few or no qualified applicants for the positions they were trying to fill, up two points from January. Seasonally adjusted, a net 35% reported raising compensation, down four points from January and the lowest reading since May 2021. A net 19% plan to raise compensation in the next three months, down seven points from January and the lowest since March 2021.

The report also mentions that openings for skilled workers have increased by two points to 32%, while openings for unskilled labor have decreased by three points to

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

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