Jobs rebounded in November after the East Coast hurricanes and the disappointing report last month from the Bureau of Labor Statistics, but there are signs that the hiring market is still cooling after a white-hot streak. That cooling trend is being felt on Main Street, according to the latest jobs survey from the National Federation of Independent Business (NFIB).
NFIB Chief Economist Bill Dunkelberg
The most recent jobs report from NFIB found that 36 percent (seasonally adjusted) of small business owners had job openings they could not fill in November, up one point from October. Labor costs reported as the single most important problem for business owners rose three points to 11 percent, only two points below the highest reading of 13 percent reached in December 2021, according to the report. No surprise: Job openings were highest in several industries, including transportation.
“As the overall job market softens, hiring among small businesses remains a struggle,” said NFIB Chief Economist Bill Dunkelberg in the report. “Main Street owners continue to feel pressure to raise compensation at historically high levels to attract and retain workers.”
To attract workers, a net 32 percent of small business owners reported raising compensation in November, up one point from October with a net 28 percent planning to boost salaries during the three months ahead.
The full report can be found here.
Visit nfib.com for more information.
[12.09.24]