Unfilled job openings among small business owners reached their lowest level in five years, according to the latest monthly Jobs Report from the National Federation of Independent Business (NFIB). The report found that 32% of small business owners nationally reported job openings they could not fill in August, a decrease of one percentage point from July. The last time this figure was below 32% was in July 2020.
In Oregon, NFIB State Director Anthony Smith expressed concern about the state’s labor market conditions despite the national trend. “Unfilled job openings are at their lowest level in five years, and while nationally, that might signal small business owners are finding it less of a struggle to fill those jobs, here in Oregon there is major cause for concern. Just last week, the state’s chief economist reported that Oregon has shed nearly 25,000 jobs in the last year and now the Oregon Legislature is on the verge of approving the governor’s transportation package, which raises taxes and fees on Oregonians by $4.3 billion over the next 10 years. If it passes, Oregon small business owners are going to have to figure out how to deal with those added costs. Cutting back on hours, or not hiring in the first place, will unavoidably be part of their calculations.”
The NFIB Jobs Report surveys its members nationwide but does not break down data by state. The average NFIB member employs between one and nine people and has annual gross sales of around $500,000.
NFIB Chief Economist Bill Dunkelberg said, “While the economy appears to be doing well, small businesses are scaling back on job openings. Small business owners with job openings are still looking for qualified applicants, many citing labor quality as their single most important problem.”
The report highlighted that job openings were most common in construction, manufacturing, and transportation industries. Openings were lowest in wholesale and finance sectors. Additionally, a seasonally adjusted net 15% of owners plan to create new jobs within three months—a third consecutive monthly increase—while a net 29% reported raising compensation in August.
For more information about NFIB’s activities and updates related to Oregon small businesses visit www.nfib.com or follow @NFIB_OR on X.
