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Job Openings Decrease to Pre-Pandemic Levels: A Detailed Analysis

WASHINGTON, D.C. (March 7, 2024) ÔÇô The latest findings from NFIB’s monthly jobs report reveal that 37% (seasonally adjusted) of small business owners are facing job openings they struggle to fill. This figure has decreased by two points since January, marking the lowest reading since January 2021. Additionally, the percentage of small business owners citing labor quality as their primary operating challenge has dropped by five points to 16%, the lowest level seen since April 2020.

Despite ongoing challenges, including labor shortages and escalating costs, the employment landscape among small businesses appears to be stabilizing. NFIB Chief Economist Bill Dunkelberg noted, “Job openings among small businesses have decreased in February, returning to pre-pandemic levels. While employment activity has moderated, the demand for labor remains robust as owners find it easier to source qualified workers.”

Looking ahead, owners’ intentions to address open positions are slowing, with a net 12% planning to create new jobs in the next three months. This represents a decrease of two points from January and is the lowest level reported since May 2020.

As labor costs persist as a pressing concern, reflected in the 11% of owners citing this as their top problem, a slight uptick was observed from the previous month. Nevertheless, this figure remains just two points below the peak of 13% recorded in December 2021.

Despite these challenges, 56% of owners reported hiring or actively seeking to hire in February, with 91% encountering few or no qualified applicants for the positions they aimed to fill. Notably, 25% of owners faced a scarcity of qualified applicants, while 26% reported none at all, indicating a persistent mismatch in the labor market.

Concerning compensation trends, a net 35% of owners reported raising wages, a slight decrease from January and the lowest since May 2021. Looking ahead, a net 19% plan to increase compensation in the next three months, representing a decrease of seven points from January and the lowest level since March 2021.

Breaking down the data further, 32% of owners have openings for skilled workers, signaling a small increase, while 12% have openings for unskilled labor, which decreased slightly.

Notable shifts in job openings by sector were observed, with the construction industry experiencing a notable increase of six points from the previous month. Construction, transportation, and wholesale sectors reported the highest job openings, while the agriculture and finance sectors had the lowest number of openings.

To delve deeper into these insights and explore the full jobs report, click here.

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