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Small Business Hiring Plans Reach All-Time High in November
National Federation of Independent Businesses [6]
With tax reform in view, small business owners make plans to add workers, according to NFIB Jobs Report
Small business job creation plans reached an all-time high in November, shattering the previous record for the National Federation of Independent Business (NFIB) monthly Jobs Report, released this week.
“We have never seen this kind of intensity around job creation in the 44-year history of the NFIB Jobs Report,” said NFIB President and CEO Juanita Duggan. “This is a powerful signal that small business is roaring back to life and ready to lead another period of economic expansion.”
Plans to create jobs shot up six points in November, a clear sign that small business owners think the economy is strong. The adjusted average employment change per firm dipped slightly at 0.0 down from -0.17.
“Small business owners believe that next year will bring opportunities to grow,” said NFIB Chief Economist Bill Dunkelberg. “They feel very good about the new management team in Washington, they expect Congress to reduce their taxes, and their customers are spending more money. All of that leads to higher demand for workers.”
Fifty-two percent of small business owners reported hiring or trying to hire in November, but 44 percent said they couldn’t find qualified workers. Eighteen percent of small business owners said finding qualified workers was their number-two concern behind taxes.
The tight labor market is driving worker compensation higher. Twenty-seven percent of owners reported compensation increases, and 17 percent said they would raise compensation in the coming months.
“Overall, labor demand is historically very strong, with historically high job openings and record high plans to create new jobs,” said Dunkelberg.