Cornhusker State News

NFIB's August jobs report reveals that 40% of small business owners reported unfilled job openings, marking a two-point increase from July. Labor quality concerns have also risen to 21%, the highest level since January of this year, according to NFIB Chief Economist Bill Dunkelberg. "Job openings on Main Street remain historically high as small business owners continue to lament the lack of qualified applicants for their open positions," Dunkelberg stated. He noted that efforts to fill the workforce have been hampered by cost pressures.

Ryan McIntosh, NFIB Nebraska State Director, emphasized the impact on the local economy: “The NFIB Jobs Report highlights a significant challenge for small businesses in Nebraska — the shortage of qualified applicants.” He called for prioritizing workforce development programs to meet the demands of the growing economy.

In August, 62% of small businesses were hiring or attempting to hire, a five-point jump from July. However, 56% of these owners faced a lack of qualified applicants, with 31% seeing few and 25% seeing none. Skilled worker openings increased by four points to 36%, while unskilled labor openings declined by one point to 15%.

The construction sector experienced a five-point increase in job openings from July, where 60% of businesses had unfillable positions. The sectors with the most vacancies were transportation, construction, and manufacturing, with the least in agriculture and finance.

A net 13% of business owners plan to create new jobs over the next three months, a decrease of two points from July. Labor costs have remained the leading concern for business owners at 9%, consistent with previous months and below December 2021’s peak.

In August, 33% of small business owners reportedly raised compensation, maintaining the level seen in July. Plans to increase compensation in the next three months rose by two points to 20%.

The full NFIB Jobs Report can be accessed online for more details.