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In July, small businesses showed signs of improvement in the labor market, with 33% of owners reporting unfilled job openings, the lowest level since December 2020. Despite this progress, the figure remains above the historical average, indicating ongoing challenges in attracting qualified talent. NFIB Chief Economist Bill Dunkelberg emphasized the difficulties small business owners face, with 84% reporting challenges in finding suitable candidates even as hiring efforts continue. Variations in job openings across sectors, particularly in construction and transportation, highlight differing labor demands. Additionally, while some owners adjusted compensation practices, with a net 17% planning to increase wages soon, managing labor costs remains a priority. Despite these hurdles, there is optimism for growth, with a net 14% of business owners aiming to expand their workforce in the upcoming months. This report underscores both the advancements and the persistent challenges small businesses encounter in the evolving labor landscape.
#SmallBusiness #LaborMarket #HiringTrends #NFIB #JobOpenings #WorkforceDevelopment #BusinessGrowth #CompensationTrends #shorts
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