In its latest monthly Jobs Report, the National Federation of Independent Business (NFIB) found that 32% of small business owners nationwide reported job openings they could not fill in August. This figure, which is seasonally adjusted, marks a decrease of one percentage point from July and represents the lowest level since July 2020. The report also indicated that 28% of respondents had openings for skilled workers—a drop of one point—while 13% had openings for unskilled labor, up by one point.
Casey Hill, NFIB Utah State Director, commented on the findings: “There’s not too much to make out of a drop of one point from one month to the next, so I’ll be more interested in next month’s Jobs Report to see if the percentage of unfilled job openings continues to drop. It will also be interesting see the survey results from this coming Tuesday’s release of NFIB’s monthly Small Business Optimism Index, which showed some positive signs last month. In short, what everyone’s looking for in the small business economy is some positive traction.”
The NFIB Jobs Report surveys small-business owners who are members of the organization across the country. These businesses typically employ between one and nine people and have average gross sales around $500,000 annually.
Bill Dunkelberg, Chief Economist at NFIB, stated: “While the economy appears to be doing well, small businesses are scaling back on job openings. Small business owners with job openings are still looking for qualified applicants, many citing labor quality as their single most important problem.”
Additional highlights from the report show that job openings were most prevalent in construction, manufacturing, and transportation sectors. Conversely, wholesale and finance industries reported fewer open positions. A net 15% (seasonally adjusted) of owners plan to create new jobs within three months—an increase for three consecutive months. Compensation increases were noted by a net 29% of small business owners in August (up two points from July), while a net 20% plan further raises over the next quarter (up three points). Labor costs cited as a primary concern dropped by one point to 8%.
For ongoing updates on Utah’s small business climate and related news visit www.nfib.com or follow @nfib_ut on X.
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NFIB has advocated for American small businesses for over eight decades at both federal and state levels as a nonprofit association focused solely on independent enterprises since its founding in 1943.
NFIB Utah is based in Salt Lake City and can be reached through its website or social media channels.
