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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.
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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.