AUSTIN, Texas– According to NFIB’s monthly jobs report, 44% (seasonally adjusted) of all owners reported job openings they could not fill in the current period, down one point from April but still 20 points higher than the 49-year average reading. The percent of owners reporting labor quality as their top small business operating problem remains elevated at 24% and 10% of owners reported labor costs as their single most important problem.
“The labor force participation rate remains below pre-COVID levels, which is contributing to the shortage of workers available to fill open positions,” said NFIB Chief Economist Bill Dunkelberg. “Small businesses have a record high level of job openings currently and are working hard to fill their open positions.”
Although state-specific data is unavailable, NFIB State Director Annie Spilman said:
“With small business owners facing a persistent worker shortage, it’s incumbent on the Senate to join with the House in providing meaningful tax relief for our job creators. With a lighter tax burden, small businesses can invest in their employees, raise wages, and expand their operations. We’re asking the Legislature to cut Texans taxes.”
CLICK HERE to read the full report. Key findings are below:
Small business owners’ plans to fill open positions remain elevated with a seasonally adjusted net 19% planning to create new jobs in the next three months, up two points from April.
Overall, 63% reported hiring or trying to hire in May. Of those hiring or trying to hire, 89% of owners reported few or no qualified applicants for the positions they were trying to fill. Thirty-one percent of owners reported few qualified applicants for their open positions and 24% reported none.
Seasonally adjusted, a net 41% of owners reported raising compensation, up one point from April and nine points below the 49-year record set in January 2022. A net 22% of owners plan to raise compensation in the next three months.
Thirty-eight percent of owners have openings for skilled workers and 20% have openings for unskilled labor. They simply don’t see enough qualified applicants.
CLICK HERE to read the full report.
About NFIB:
For 80 years, NFIB has been the voice of small business, advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit www.NFIB.com.
