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The U.S. job market seemed to be evolving slowly from great to good, as a national worker shortage has become less acute and job openings a little less plentiful. But the latest monthly employment report from the National Federation of Independent Business, due out later today, finds an uptick in unfilled openings and a welcome rise in the number of owners planning to add employees. Maybe the recent economic expansion has a ways to run. NFIB Chief Economist William Dunkelberg reports: In November, 33%
(seasonally adjusted) of all owners reported job openings they could not fill in the current period, up 1 point from October and the first increase since June. Unfilled job openings remain above the historical average of 24%. Twenty-six percent have openings for skilled workers (down 2 points), and 12% have openings for unskilled labor (up 1 point). A seasonally adjusted net 19% of owners plan to create new jobs in the next three months, up 4 points from October and the highest reading of the year. The last time hiring plans reached this level was in December 2024. Firms remain interested in hiring but are finding it difficult to fill openings. Even when
owners have been able to find employees, last month’s NFIB report showed owners were not especially impressed with them and not inclined to pay up for their services. There’s some good news in the latest report suggesting that owners are finding more people who are ready, willing and able to get the job done. According to NFIB: In November, 21% of small business owners cited labor quality as their single most important problem, down 6 points erasing most of October’s increase. Labor costs, reported as the single most important problem by small business owners, remained at 8%.
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