The Sconi

NFIB's August jobs report indicates that 40% of small business owners reported unfilled job openings, an increase from July. Labor quality concerns rose to 21%, the highest since January.

"Job openings on Main Street remain historically high as small business owners continue to lament the lack of qualified applicants for their open positions," stated NFIB Chief Economist Bill Dunkelberg. He noted the frustration among owners due to stalled hiring efforts and rising costs.

Bill G. Smith, NFIB Wisconsin State Director, highlighted the challenge in Wisconsin: "The NFIB Jobs Report reveals a crucial challenge of finding qualified talent for Wisconsin’s small businesses. To foster growth and success, we must enhance our workforce development initiatives, ensuring our residents are ready to meet the needs of our local economy."

Sixty-two percent of small business owners attempted hiring in August, with 56% reporting few or no qualified applicants. Skilled worker openings increased by four points to 36%, while unskilled labor openings decreased by one point to 15%.

In construction, job openings rose by five points from July, with 60% unable to fill positions. The highest job vacancies were in transportation, construction, and manufacturing sectors; agriculture and finance had the lowest.

A net 13% plan to create new jobs within three months, a slight decrease from July. Labor costs remained unchanged as a primary concern at 9%, below December 2021's peak of 13%.

Compensation adjustments were stable with a net 33% raising pay in August. Looking ahead, a net 20% plan compensation increases within three months.

For further details, access the complete NFIB Jobs Report.