NFIB’s last Jobs Report before Tuesday’s Election, November 5, contained no surprises but does offer those winning seats in next year’s session of the Oregon State Legislature some food for thought on what policy paths to take. The monthly Jobs Report, released yesterday, showed small business owners still having a hard time finding qualified employees despite higher compensation offered.
From NFIB Chief Economist Bill Dunkelberg on the Latest Jobs Report
“On Main Street, the job market remains challenging. Although the labor market appears to be softening overall, small business owners reported little success filling their plentiful vacancies in October.”
Highlights from the Latest Jobs Report
- 35% (seasonally adjusted) of small business owners reported job openings they could not fill in October, up one point from September’s lowest reading since January 2021.
- Job openings were the highest in the construction, transportation, and wholesale sectors, and the lowest in the agriculture and finance sectors. However, job openings in construction were down four points from last month with 49% having an open position they can’t fill.
- A seasonally adjusted net 15% of owners plan to create new jobs in the next three months, unchanged from September.
- A net 31% of small business owners reported raising compensation in October, down one point from September and the lowest reading since April 2021.
- A net 23% (seasonally adjusted) plan to raise compensation in the next three months, unchanged from September.
