NFIB’s July jobs report found that 33% (seasonally adjusted) of small business owners reported job openings they could not fill in July, down three points from June and the lowest level since December 2020, though still well above the monthly historical average of 25%.
Twenty-one percent of small business owners cited labor quality as their single most important problem in July, up five points from June and the largest monthly increase since August 2022.
“Small business owners in New Jersey continue to struggle finding qualified workers to fill their open positions,” said NFIB New Jersey State Director Eileen Kean. “Although the job market in New Jersey is difficult, owners are working hard to keep up with their customers’ demands. Policymakers in Trenton must prioritize New Jersey’s business climate and private sector job growth if we are to achieve the robust and growing economy we all want. When Main Street employers can plan and grow their businesses, our local economy and communities benefit.”
Overall, 57% of small business owners reported hiring or trying to hire in July, down one point from June. Forty-eight percent (84% of those hiring or trying to hire) of owners reported few or no qualified applicants for the positions they were trying to fill, down two points. Twenty-nine percent of owners reported few qualified applicants for their open positions, and 19% reported none.
Twenty-nine percent have openings for skilled workers (down one point), and 12% have openings for unskilled labor (down one point).
Job openings were the highest in the construction, wholesale and transportation industries, and the lowest in the finance and agriculture industries.
A seasonally adjusted net 14% of owners plan to create new jobs in the next three months, up one point from June. This remains above the historical average of net 11%.
Seasonally adjusted, a net 27% of small business owners reported raising compensation in July, down six points from June. A net 17% (seasonally adjusted) plan to raise compensation in the next three months, down two points from June. Labor costs, reported as the single most important problem for business owners, decreased one point from June to 9%.
