Owners Continue Searching For Qualified Applicants
NFIB’s November jobs report found that 33% (seasonally adjusted) of small business owners reported job openings they could not fill last month, up 1 point from October and the first increase since June.
Unfilled job openings remain above the historical average of 24%. Twenty-six percent have openings for skilled workers (down 2 points), and 12% have openings for unskilled labor (up 1 point).
“Job growth among New Jersey’s small businesses continues to be restricted due to the lack of qualified applicants,” said NFIB New Jersey State Director Eileen Kean. “Despite their hiring challenges, small business owners are reporting plans to create new jobs and strengthen the workforce.”
A seasonally adjusted net 19% of owners plan to create new jobs in the next three months, up 4 points from October and the highest reading of the year. The last time hiring plans reached this level was in December 2024. Businesses remain interested in hiring but are finding it difficult to fill openings.
Overall, 56% of owners reported hiring or trying to hire in November, unchanged from October. Fifty percent of owners (89% of those hiring or trying to hire) reported few or no qualified applicants for the positions they were trying to fill (up 1 point).
Thirty percent reported few qualified applicants (down 1 point), and 20% reported none (up 2 points). The last 12 months show an improvement in the hiring environment, with a growing percentage reporting “few” relative to the percentage reporting “none.”
In November, 21% of small business owners cited labor quality as their single most important problem, down 6 points and erasing most of October’s sudden increase. Labor costs, reported as the single most important problem by small business owners, remained at 8%.
Seasonally adjusted, a net 26% of small business owners reported raising compensation in November, unchanged from October. A net 24% (seasonally adjusted) plan to increase compensation in the next three months, up 5 points from October. The last time plans to boost compensation were at this level was in December 2024.