02/13/2024

Hiring Slows as Lack of Qualified Workers Mounts

Labor quality remains top concern for small business owners

The National Federation of Independent Business (NFIB) monthly jobs report has revealed that only 14 percent of small business owners intend to hire new employees over the next three months. This marks the lowest level since May 2020 and a decrease of two percentage points from December. 

In the current quarter, 39 percent of all owners reported having vacant job positions, representing the lowest reading since January 2021 and a decrease of one point from December.

Labor quality remains the top operating issue for small business owners, as reported by 21 percent of respondents. Labor expenses were recognized as the most critical difficulty for business owners, increasing by one point to 10 percent compared to the previous month’s record of 13 percent in December 2021.

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