Small businesses are hiring but still struggling to find help—even as they raise wages. According to the latest monthly employment report from the National Federation of Independent Business, job creation was firm in September, with an average addition of 0.10 workers per firm, compared to 0.19 in August.
Finding qualified workers remains a top problem, with 23% of businesses reporting it as their number one problem (down 4 points from August’s record high).
Thirty-five percent of all owners reported job openings they could not fill in the current period. Of those surveyed, 56% of construction firms had openings, 37% of manufacturing companies, 38% of retail companies and 35% of those in the finance, insurance and real estate industries.
NFIB Chief Economist William Dunkelberg says, “Cleary the inability to assemble work teams is a major contributor to the lackluster performance of the construction industry. Fourteen percent of all firms reported using temporary workers, unchanged from August.”
Seasonally adjusted, 29% of companies reported raising compensation and 18% plan to do so in the next three months, to fill openings. See the full report.
