NFIB: Jobs report underscores need for Missouri tax cuts
JEFFERSON CITY (Sept. 1, 2022) – Small business owners nationwide continue to hire, but 49% (seasonally adjusted) of owners reported job openings they could not fill in the current period, according to NFIB’s monthly jobs report, released today.
“The labor market continues to be a significant challenge for small business owners,” NFIB Chief Economist Bill Dunkelberg said. “Owners are managing several economic headwinds and continue to make business adjustments to mitigate lost sales opportunities due to staffing shortages. Almost half of owners are raising compensation to attract workers for their open positions.”
Small business owners’ plans to fill open positions remain elevated, with a seasonally adjusted net 21% planning to create new jobs in the next three months, up one point from July. A net 46% (seasonally adjusted) reported raising compensation, down two points from July and four points below the record high set in January. A net 26% plan to raise compensation in the next three months.
State-specific data isn’t available, but NFIB Missouri Director Brad Jones said, “Our small business members are paying more and still struggling to fill positions. Without enough people to work, a lot of small businesses are reducing their hours of operation. Hopefully, the Legislature can ease at least some of the financial pressure on Missouri’s job creators by agreeing to some level of tax relief during this month’s special session.”
Overall, 63% of owners nationwide reported hiring or trying to hire in August. Of those trying to hire, 89% of owners reported few or no qualified applicants for the positions they were trying to fill. Thirty-one percent of owners reported few qualified applicants for their open positions and 26% reported none.
Forty-one percent of owners have openings for skilled workers and 24% have openings for unskilled labor. Sixty-six percent of the job openings in the construction industry are for skilled workers, up six points from July. Seventy-one percent of construction firms reported few or no qualified applicants, up four points.
Click here to view the full report.
About NFIB
For almost 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 nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.