Main Street Job Growth Slows in March, According to NFIB Report
In a recent report released by the National Federation of Independent Business (NFIB), it was revealed that small businesses on Main Street experienced a slowdown in hiring in March. The monthly jobs report showed that a seasonally adjusted net 11% of small businesses are planning to create new jobs in the next three months, marking a decrease from the previous month and the lowest level since May 2020.
NFIB State Director Eileen Kean highlighted the importance of supporting small businesses in the current economic climate, stating that lawmakers in Trenton should avoid policies that could hinder job creation. With high tax and regulatory burdens in New Jersey, it is crucial to avoid imposing additional costs and mandates on small business owners to encourage growth and hiring.
NFIB Chief Economist Bill Dunkelberg noted that job openings on Main Street are now on par with pre-pandemic levels, despite the recent slowdown. The small business labor market remains competitive, with owners facing challenges in retaining and recruiting employees.
Overall, 56% of small business owners nationwide reported hiring or attempting to hire in March, with 86% facing challenges in finding qualified applicants. The report also revealed that 37% of small business owners reported job openings they could not fill, the lowest reading since January 2021.
Despite labor quality being cited as a top operating problem by 18% of owners, the majority reported raising compensation in an effort to attract and retain talent. Job openings were most prevalent in the transportation, construction, and services sectors, while the finance and wholesale sectors reported fewer openings.
As small businesses navigate the challenges of the current labor market, it remains crucial for policymakers to support initiatives that promote job growth and economic recovery on Main Street.
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