Small-Business Employment Growth Slows: Report from American Drycleaner

Small Business Hiring Slows Amid Labor Cost Pressure, Skilled Worker Shortages: Jobs Report

According to the latest jobs report from the National Federation of Independent Business (NFIB), 37% of small business owners reported job openings they could not fill in February, which is down two points from January and the lowest reading since January 2021. This indicates that employment activity has lessened somewhat as it becomes easier for owners to find qualified workers.

Labor costs remain a significant problem for business owners, increasing one point to 11%, only two points below the highest reading of 13% reached in December 2021. Despite this, overall, 56% of owners reported hiring or trying to hire in February, up one point from January. Of those hiring or trying to hire, 91% reported few or no qualified applicants for the positions they were trying to fill, up two points from January.

Seasonally adjusted, a net 35% reported raising compensation, down four points from January and the lowest reading since May 2021. A net 19% plan to raise compensation in the next three months, down seven points from January and the lowest since March 2021. The report also mentions that 32% have openings for skilled workers, an increase of two points, and 12% have openings for unskilled labor, a decrease of three points.

In terms of job openings in different sectors

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