MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Japan Nov CGPI Rises 3.7% Y/Y, Import Prices Drop

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US DATA: NFIB Small Business Hiring Remained Subdued In September

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America

The NFIB's September Jobs Report generally showed flat to loosening labor market conditions for small businesses, on the eve of Friday's nonfarm payrolls release (the full NFIB survey will be out on Tuesday Oct 8).

  • The standout finding was the percentage of firms with a job position that is difficult to fill, which fell to 34%, down 6pp from August. That was the lowest such reading since January 2021, and closer to pre-pandemic/2019 levels. Net compensation ticked 1pp lower to 32% - the softest since April 2021. Hiring plans remained in line with recent readings at 15%, again remaining well below 2021-22 levels.
  • The percent of small business owners who reported labor quality as their biggest problem fell 4pp to 17%.
  • Offsetting that somewhat, net compensation plans ticked up 3pp to an 8-month high 23%. though this was well below the high-20s/low-30s readings duting the "hot" jobs market of 2021-22.
  • This won't move the needle much for September's payrolls reading but it offers another piece of evidence for building labor market slack.
169 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

The NFIB's September Jobs Report generally showed flat to loosening labor market conditions for small businesses, on the eve of Friday's nonfarm payrolls release (the full NFIB survey will be out on Tuesday Oct 8).

  • The standout finding was the percentage of firms with a job position that is difficult to fill, which fell to 34%, down 6pp from August. That was the lowest such reading since January 2021, and closer to pre-pandemic/2019 levels. Net compensation ticked 1pp lower to 32% - the softest since April 2021. Hiring plans remained in line with recent readings at 15%, again remaining well below 2021-22 levels.
  • The percent of small business owners who reported labor quality as their biggest problem fell 4pp to 17%.
  • Offsetting that somewhat, net compensation plans ticked up 3pp to an 8-month high 23%. though this was well below the high-20s/low-30s readings duting the "hot" jobs market of 2021-22.
  • This won't move the needle much for September's payrolls reading but it offers another piece of evidence for building labor market slack.