Jobs Report

NFIB Small Business Jobs Report

The NFIB Research Foundation has collected Small Business Economic Trends data with quarterly surveys since 1974 and monthly surveys since 1986. Survey respondents are drawn from NFIB’s membership. The survey was conducted in February 2024 and reflects a random sample of 10,000 small-business owners/members.

NFIB Jobs Report: Small Business Employment Slows in February

NFIB’s chief economist William C. Dunkelberg, issued the following comments on NFIB’s February 2024 Jobs Report

Bill "Dunk" Dunkelberg
NFIB Chief Economist
William Dunkelberg

According to NFIB’s monthly jobs report, 37% (seasonally adjusted) of all owners reported jobs openings they could not fill in the current period, down two points from January and the lowest reading since January 2021. The percent of small business owners reporting labor quality as their top small business operating problem declined five points from January to 16%, the lowest reading since April 2020.

“Job openings among small businesses decreased in February to pre-pandemic levels,” said NFIB Chief Economist Bill Dunkelberg. “Employment activity has lessened somewhat as it becomes easier for owners to find qualified workers. Even with this slowdown, 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 reported as the single most important problem for business owners increased one point to 11%, only two points below the highest reading of 13% reached in December 2021.

Overall, 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. Twenty-five percent of owners reported few qualified applicants for their open positions (down one point) and 26% reported none (up three points).

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.

Thirty-two percent have openings for skilled workers (up two points) and 12% have openings for unskilled labor (down three points).

Job openings in construction were up six points from last month and over half have a job opening they can’t fill. Job openings were the highest in the construction, transportation, and wholesale sectors, and the lowest in the agriculture and finance sectors.

Click here to view the entire NFIB Jobs Report

The full Small Business Economic Trends report will be released on Tuesday, March 12th.

Contact Maggie Hall:
202-314-2073

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