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The solid American job market is looking a little less solid for workers as small companies have an easier time filling open positions and are handing out fewer raises. That’s according to the latest monthly survey from the National Federation of Independent Business, due out later today. NFIB Chief Economist William Dunkelberg reports: NFIB’s April Small Business Economic Trends survey found that 34 percent
(seasonally adjusted) of all owners reported job openings they could not fill in the current period, down 6 points from March. The last time job openings were below 34 percent (seasonally adjusted) was in January 2021 (Covid recession). Twenty-nine percent have openings for skilled workers (down 4 points) and 13 percent have openings for unskilled labor (unchanged for the third consecutive month). Looking to the future, hiring plans at small enterprises appear to be steady but not spectacular. NFIB reports: A seasonally adjusted net 13 percent of owners plan to create new jobs in the next three months, up 1 point from March. Job creation plans remain in
weak territory compared to recent history. It seems that raises aren’t especially plentiful these days, which is bad news for workers but good news for companies trying to contain costs and also for consumers hoping for the end of the inflation scourge. Perhaps in some cases raises aren’t happening because employers are not thrilled with the reliability and productivity of employees. The NFIB economist notes:
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