• Tue. Apr 23rd, 2024

Small Business Job Openings Decrease to Pre-Pandemic Levels as Labor Costs Remain a Top Concern for Owners

BySamantha Nguyen

Apr 3, 2024
Small-Business Employment Growth Slows: Report from American Drycleaner

According to the monthly jobs report prepared by the National Federation of Independent Business (NFIB), job openings among small businesses decreased in February to pre-pandemic levels. Employment activity has lessened somewhat as it becomes easier for owners to find qualified workers, but labor demand remains strong. Owners’ plans to fill open positions continue to slow, with a seasonally adjusted net 12% planning to create new jobs in the next three months, down two points from January and the lowest level since May 2020.

Labor costs reported as the single most important problem for business owners increased one point to 11%, only two points below the highest reading of 13% reached in December 2021. Overall, 56% of owners reported hiring or trying to hire in February, up one point from January. Of those hiring or trying to hire, 91% reported few or no qualified applicants for the positions they were trying to fill, up two points from January.

Seasonally adjusted, a net 35% reported raising compensation, down four points from January and the lowest reading since May 2021. A net 19% plan to raise compensation in the next three months, down seven points from January and the lowest since March 2021. The report also mentions that 32% have openings for skilled workers, an increase of two points, and 12% have openings for unskilled labor, a decrease of three points.

In terms of job openings in different sectors

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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