In its latest monthly Jobs Report, the National Federation of Independent Business (NFIB) indicated that 32% of small business owners nationwide reported having job openings they could not fill in August. This figure is a one-point decrease from July and marks the first time since July 2020 that unfilled job openings have dropped below 32%. Openings for skilled workers accounted for 28%, down one point, while openings for unskilled labor rose to 13%, up one point.
Michael Iosua, NFIB Hawaii State Director, commented on the report: “I think it’s important not to make too much over a one-point drop in the percentage of small business owners reporting unfilled job openings. However, if next month’s report shows the same or better, then I think we can say it’s a positive step toward seeing the small business economy finally getting some recovery traction. It will be interesting to see the survey results from this coming Tuesday’s NFIB Small Business Optimism Index, which had some improved numbers last month. Let’s see if they held.”
The NFIB Jobs Report surveys members across the country but does not provide state-specific data. The typical NFIB member employs between one and nine people and has annual gross sales around $500,000.
Bill Dunkelberg, Chief Economist at NFIB, said: “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.”
The report highlighted that job openings were highest in construction, manufacturing, and transportation sectors and lowest in wholesale and finance. A seasonally adjusted net 15% of owners plan to create new jobs within three months—an increase for the third consecutive month. Additionally, a net 29% reported raising compensation in August (up two points from July), while a net 20% plan to raise compensation in the next three months (up three points). Labor costs cited as the top concern fell by one point to 8%.
NFIB has represented small and independent businesses across all states since its founding in 1943.
For more information about Hawaii’s small-business news visit www.nfib.com or follow @NFIB_HI on X.
