Report: Small Business Hiring Slows in September
Economic Outlook
WASHINGTON – NFIB’s September jobs report shows a decrease in hiring activity among small businesses as the labor market continues to soften. A seasonally adjusted 32% of owners reported job openings they could not fill, down 3 points from August but remaining 8 points above the historical average.
"Overall employment conditions are softening, though the small business labor market is still tighter than normal," said Bill Dunkelberg, NFIB chief economist. "Between the ongoing difficulty of finding qualified workers and a cooling consumer demand, many small businesses are scaling back on their hiring plans."
The report highlights a few key findings:
- Hiring Slowdown: The percentage of owners reporting job openings fell compared to August, suggesting a slight easing in hiring pressure.
- Labor Market Tightness: Despite the dip, opening numbers remain significantly above average, indicating a tight labor market for small businesses.
- Qualified Workers in Short Supply: The challenge of finding qualified workers continues to be a significant factor impacting small business hiring.