The p.c of small enterprise house owners reporting labor high quality as their high small enterprise working drawback stays elevated at 20 p.c, in accordance with the Nationwide Federation of Impartial Enterprise (NFIB)’s month-to-month jobs report in December 2023.
“The tight labor market has been a constant concern for small enterprise house owners all through 2023,” mentioned Invoice Dunkelberg, chief economist for NFIB. “The extent of job openings suggests a strong labor market will proceed on Fundamental Road for 2024, as house owners increase compensation to draw certified staff and shoppers spend.”
Forty p.c (seasonally adjusted) of all house owners reported job openings they may not fill within the present interval, unchanged from November. Homeowners’ plans to fill open positions stay elevated, with a seasonally adjusted web 16 p.c planning to create new jobs within the subsequent three months, down two factors from November and 16 factors beneath its document excessive studying of 32 reached in August 2021.
Total, 55 p.c of homeowners reported hiring or attempting to rent in December, up one level from November. Of these hiring or attempting to rent, 89 p.c of homeowners reported few or no certified candidates for the positions they have been attempting to fill. Twenty-eight p.c of homeowners reported few certified candidates for his or her open positions and 21 p.c reported none.
Job openings within the development trade have been up 9 factors from final month and over half have a job opening they will’t fill. Thirty-three p.c of homeowners have job openings for expert staff and 14 p.c have openings for unskilled labor.