Labor quality remains the biggest management issue
meaning: Job openings at small and medium-sized businesses remain at historically high levels, with 35% reporting that they were unable to fill job openings as of October. Thirty-seven percent have skilled labor vacancies and 18 percent have unskilled labor vacancies.
Our view: Small businesses continue to be hampered in hiring due to a lack of qualified workers. For now, the level of job openings suggests the labor market remains strong, especially on Main Street.
NFIB job report The labor market slowed but remained strong in October, indicating that the job market remains difficult for small and medium-sized businesses. The report found that 35% (seasonally adjusted) of small business owners say they have job openings they cannot fill, up one point from September but still near the lowest level since January 2021. remains at the level. 20% of small business owners say the quality of their workforce is their chief executive officer. The problem increased by 3 points from last month. A seasonally adjusted net 15% of business owners plan to create new jobs over the next three months, unchanged from September.
“The Main Street job market remains challenging,” said Bill Dunkelberg, chief economist at NFIB. “Although the labor market appears to be softening overall, small business owners reported little success in filling a large number of vacancies in October.”
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