NFIB: Labor Quality Now Top Small Business Owner Concern

The most recent edition of the NFIB’s Small Business Optimism Index found that labor quality is now the top small business owner concern, the organization announced.

Labor quality was the top business problem at 24%, with inflation in second place by one point at 23%, according to the report.

“Optimism is not improving on Main Street as more owners struggle with finding qualified workers for their open positions,” said NFIB Chief Economist Bill Dunkelberg. “Inflation remains a top concern for small businesses but is showing signs of easing.”

As reported in NFIB’s monthly jobs report, owners’ plans to fill open positions remain elevated, with a seasonally adjusted net 17% planning to create new jobs in the next three months. Seasonally adjusted, a net 40% reported raising compensation. A net 21% plan to raise compensation in the next three months. Nine percent cited labor costs as their top business problem and 24% said that labor quality was their top business problem.

Click here to read the full round up of this month’s report.