National Federation of Independent Business (10/06/22)

Small business owners reporting labor quality as their top business operating problem remains elevated at 22% in September, according to the National Federation of Independent Business. Labor cost reported as the single most important problem to business owners was unchanged at 10%. Forty-six percent (seasonally adjusted) reported job openings they could not fill in the current period, down three points from August. The number of unfilled job openings far exceeds the 48-year historical average of 23%. Forty-two percent of owners have openings for skilled workers and 22% have openings for unskilled labor.

Small business owners’ plans to fill open positions remain high, with a seasonally adjusted net 23% planning to create new jobs in the next three months, up two points from August. Overall, 64% reported hiring or trying to hire in September, up one point from August. Eighty-nine percent of those owners hiring or trying to hire reported few or no qualified applicants for their open positions. Twenty-seven percent of owners reported few qualified applicants for their open positions and 30% reported none. A net 23% plan to raise compensation in the next three months, down three points from August.

This article originally appeared on nfib.com. Use this link to see the full article: NFIB Jobs Report: Worker Shortage Remains a Top Issue for Small Businesses