NFIB’s final monthly Jobs Report of the year, released today, showed no reason for small business owners to be in any merrier mood than at other times in a difficult 2024, although the effect of Small Business Saturday and holiday sales will be better accounted for in the January 2025 survey.
“It’s still very difficult for small business owners to find the right people to fill the jobs they have available,” said Anthony Smith, state director for NFIB in Oregon. “As we head into another legislative session next month, Oregon lawmakers would be wise to avoid adding additional burdens to an already challenging hiring and retention climate.”
From NFIB Chief Economist Bill Dunkelberg on the Latest Jobs Report
“As the overall job market softens, hiring among small businesses remains a struggle. Main Street owners continue to feel pressure to raise compensation at historically high levels to attract and retain workers.”
Highlights from the Latest Jobs Report
- NFIB’s November jobs report found that 36% (seasonally adjusted) of small business owners reported job openings they could not fill in November, up one point from October.
- Labor costs reported as the single most important problem for business owners rose three points to 11%, only two points below the highest reading of 13% reached in December 2021.
- A seasonally adjusted net 18% of owners plan to create new jobs in the next three months, up three points from October.
- Job openings were the highest in the transportation, construction, and professional services sectors, and the lowest in the agriculture and finance sectors. Job openings in construction were up five points from last month and over half (54%) have an open position they can’t fill.
