Cornhusker State News

NFIB's August jobs report revealed that 40% of small business owners reported unfilled job openings, an increase from July. Labor quality as a significant concern for small businesses rose to 21%, the highest since January.

"Job openings on Main Street remain historically high as small business owners continue to lament the lack of qualified applicants for their open positions," stated NFIB Chief Economist Bill Dunkelberg. "Owners have grown understandably frustrated as attempts to fill their workforce repeatedly stall and cost pressures continue to rise."

Ryan McIntosh, NFIB Nebraska State Director, emphasized the challenge faced by Nebraska's small businesses due to a shortage of qualified applicants. He said, "We must prioritize workforce development programs to ensure our residents are equipped with the skills needed to meet the demands of our growing economy and support our local businesses."

In August, 62% of small business owners reported hiring or attempting to hire, a five-point increase from July. Among them, 56% noted few or no qualified applicants for their positions. Specifically, 31% found few qualified candidates while 25% found none.

Openings for skilled workers increased by four points to 36%, whereas openings for unskilled labor decreased by one point to 15%. Job vacancies were notably high in construction, transportation, and manufacturing sectors but low in agriculture and finance.

A net 13% of owners plan new job creation in the next three months, down two points from July. Labor costs remained unchanged at 9%, below the peak of 13% seen in December 2021.

Compensation increases were reported by a net 33% of small business owners in August, consistent with July figures and marking the lowest level since April 2021. Additionally, a net 20% plan compensation hikes in the upcoming three months, up two points from July.

The full NFIB Jobs Report is available online.