U.S. small businesses' hiring plans fell last month to the lowest level since the early stages of the COVID pandemic even as the labor market remains tight, according to the latest jobs report from the National Federation of Independent Business . The NFIB's report found that just 11% of small businesses surveyed in March planned to create new jobs in the next three months, down one point from February and the lowest level since May 2020.
The industry with the highest percentage of small businesses reporting job openings was transportation with 77%, up from 53% a year ago. It was followed by services and construction, which each had 44% of small businesses report job openings. Construction job openings were down nine points from last month and 29 percentage points from a year ago, and almost half of small businesses in the sector reported having a job opening they can't fill.
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NFIB Small Business Optimism Index Hits Lowest Level Since 2012The NFIB's index, updated monthly for nearly 40 years, was 88.5 in March, the lowest level since December 2012. Inflation is now the top concern for small business owners, with a quarter of them citing it as their most important problem. While the labor market has eased up slightly, finding workers remains a challenge, particularly in the transportation and construction sectors.
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Small business optimism hits lowest level since 2012: NFIBThe NFIB's Small Business Optimism Index slid in March to its lowest level since December 2012 amid concerns about inflation, high interest rates and labor market challenges.
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Small Business Optimism Declines to Lowest Level in a DecadeAccording to a new report from the National Federation of Independent Businesses (NFIB), small business optimism declined in March to its lowest level in more than a decade. The NFIB's Small Business Optimism Index decreased by 0.9 points to 88.5, marking the 27th consecutive month with the index below the 50-year average. Small business owners cited inflation as the top business problem, along with managing economic headwinds and labor market challenges.
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