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Challenges Persist for Small Businesses in Filling Job Openings

by CORY SMITH | The National Desk

Monday, Jul 8th 2024

FILE – A “now hiring” sign hangs on the door of a retail small business in Lower Manhattan, Jan. 4, 2019, in New York. (Photo by Drew Angerer/Getty Images)

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As per the latest report from the National Federation of Independent Business, the number of small businesses struggling to fill job openings, although slightly decreased from the previous month, continues to remain at high levels. This ongoing challenge faced by small business owners in finding suitable employees for their vacant positions has led to an increase in compensation offered to attract and retain talent.

Furthermore, the survey conducted by NFIB revealed that there was a shortage of qualified applicants for over half of the reported job openings. Industries such as construction, transportation, and retail experienced the highest number of job vacancies, indicating a sector-specific trend in the labor market.

Labor costs, identified as a crucial concern for 11% of business owners, have slightly alleviated compared to previous periods. However, the issue of labor quality, which was highlighted by about 20% of respondents, has seen a significant improvement over the last quarters.

Despite the challenges, the economy has shown resilience, with U.S. employers adding 206,000 jobs in the recent month. While the job growth rate is slowing down, the overall performance has been commendable given the economic conditions.

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