Softening labor market cannot blunt force of great uncertainty along America’s Main Streets
The latest monthly Jobs Report from the National Federation of Independent Business released recently showed only a mild improvement in a long-running inability of small business owners to find qualified employees, but it also comes at a time of great uncertainty along the Main Streets of America, an uncertainty not even the outcome of Tuesday’s election is likely to change quickly.
“There is no rest for the small business weary,” said John Kabateck, state director for NFIB in California, referring to next week’s CARB Board meeting almost certain to raise gas prices even higher. “The record high in uncertainty across the nation is more pronounced in California, because when an anti-small-business legislature is not putting its kicks in, a bureaucracy like the California Air Resources Board is. Voters will have a chance to shape their certainty and the direction of Main Street by choosing the most pro-small-business candidates and issues on the ballot.”
From NFIB Chief Economist Bill Dunkelberg on the latest jobs report
“On Main Street, the job market remains challenging,” said NFIB Chief Economist Bill Dunkelberg. “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 percent (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 percent having an open position they can’t fill.
A seasonally adjusted net 15 percent of owners plan to create new jobs in the next three months, unchanged from September.
A net 31 percent of small business owners reported raising compensation in October, down one point from September and the lowest reading since April 2021.
A net 23 percent (seasonally adjusted) plan to raise compensation in the next three months, unchanged from September.
Keep up with the latest on California small-business news at nfib.com/california or by following NFIB on Twitter @NFIB_CA or on Facebook @NFIB.CA.
About the National Federal of Independent Business
For 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, visit nfib.com.
