NFIB’s latest jobs report reveals that 36% of small business owners reported unfilled job openings in June, marking a two-point increase from May. Chief Economist Bill Dunkelberg commented on the situation, stating, “Despite the slowing labor market, many small business owners are still looking to attract applicants and hire for their open positions.” He noted ongoing compensation pressures as businesses compete for talent.
Dan Murray, NFIB State Director, emphasized the impact of the lack of suitable candidates: “Without the right applicants, small business owners have a harder time meeting their customers’ needs and planning ahead.”
The report highlights that 58% of small business owners were hiring or attempting to hire in June, a three-point rise from May. Of these, 86% faced challenges finding qualified candidates. Specifically, 25% reported few qualified applicants while another 25% found none.
Job openings remain prevalent in construction, manufacturing, and transportation sectors but are less common in finance and agriculture. The data shows that 30% of businesses have openings for skilled workers and 13% for unskilled labor.
Looking ahead, a net 13% of business owners plan to create new jobs within three months—a slight increase from May. Labor quality remains a significant issue for 16% of small businesses. Meanwhile, labor costs as the primary concern rose to 10%.
Compensation adjustments were notable; a net 33% reported raising wages in June—an increase not seen since January 2020—and a net 19% plan further raises within three months.
The full NFIB Jobs Report is available online.
