NATIONAL FEDERATION OF INDEPENDENT BUSINESS: “JOB CREATION CONTINUES STRONG IN AUGUST”
“Job creation picked up in August, with an average addition of 0.19 workers per firm compared to 0.12 in July.”
Job creation continues strong in August
National Federation of Independent Business
September 5, 2019
Job creation picked up in August, with an average addition of 0.19 workers per firm compared to 0.12 in July.
Thirteen percent (up 3 points) reported increasing employment an average of 4 workers per firm and 6 percent (down 1 point) reported reducing employment an average of 3.9 workers per firm (seasonally adjusted).
A seasonally-adjusted net 20 percent plan to create new jobs, down 1 point and historically strong.
Twenty-four percent in construction plan to increase their employment, only 5 percent plan reductions. In construction, 27 percent plan increases, only 3 percent reductions. In the wholesale trades, 27 percent plan to increase employment, no reductions planned. In this market, few owners are releasing workers.
Thirty-three percent have openings for skilled workers (unchanged) and 13 percent have openings for unskilled labor (down 2 points).
The continuing labor shortage keeps pressure on compensation. Raising compensation along with increased training for hires who don’t have all the desired skills and experience is the only way owners have to deal with the shortage. Twenty-nine percent reported raising compensation and 19 percent plan to do so in the coming months.
Read the full report here.
Thursday, September 5, 2019
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