What it means: Recent NFIB Jobs report data was featured on CNBC’s Squawk Box. Economic experts discussed hiring challenges and what the data shows for the small business labor market.
Expert take: Each month, NFIB uses data from the Small Business Economic Trends report to gain a greater understanding on trends and issues affecting small businesses. The September data shows that there are currently many jobs available, but small businesses continue to have difficulty filling them with qualified candidates.
Take Action: Connect with your state elected officials to let them know what small business issues impact you the most!
Finding qualified workers remains a top issue for small businesses, which was reflected in NFIB’s September Jobs report. NFIB Chief Economist Bill Dunkelberg joined CNBC’s Squawk Box to discuss the jobs report and offer insight into the state of the economy through the perspective of small businesses.
Main Street owners overwhelmingly face challenges finding qualified applicants for open positions. Of the small businesses with open positions, nearly 90% reported few or no qualified applicants applying for September, with 32% of small business owners (seasonally adjusted) total reporting job openings they could not fill in September per NFIB’s monthly jobs report.
Optimism for small businesses also declined in September, according to NFIB’s Small Business Economic Trends report. Current readings remain nearly three points above the survey’s historical average, but small business owners are having to manage rising inflationary pressures, slower sales expectations, and ongoing labor market challenges. Watch the full interview here for a closer look at the September small business data and NFIB jobs report.
