Posted on 01/09/2020 1:00:41 PM PST by karpov
The remarkable jobs rally at U.S. small businesses continued in December. That’s according to the latest National Federation of Independent Business monthly employment survey, due out later today.
NFIB’s Chief Economist William Dunkelberg reports:
Job creation did not change from November, with an average addition of 0.29 workers per firm, the highest level since May. Net job creation had faded from February’s 0.52 workers per firm to September’s 0.10, but is back in strong territory. Finding qualified workers remains the top issue for 23 percent reporting this as their number one problem, 4 points below August’s record high.
The desire to hire among the owners of small firms remained robust. According Mr. Dunkelberg, “The 2019 small business labor market ended in much the same way as it began with strong hiring, elevated levels of open positions, and higher employee compensation.” Speaking of rising wages, the NFIB economist notes: “Attempting to fill open positions, historically high percentages of owners plan to raise worker compensation.”
In some industries, the competition for labor is especially fierce. NFIB reports:
Sixty-two percent of construction firms reported few or no qualified applicants and 46 percent cited the shortage of qualified labor as their top business problem. Comparable figures for manufacturing were 63 percent and 24 percent respectively.
...
As for today, there’s additional good news from the restaurant industry: “You Can Now Make $100,000 Working at Taco Bell” reports Bloomberg. Leslie Patton writes:
Amid an increasingly tough U.S. labor market, the company is betting a higher salary will help it attract workers and keep them on the team.
It certainly is a tough labor market for employers. For workers, it’s never been better. Ms. Patton adds that “stubbornly low unemployment is changing the face of fast food, which for decades has been seen as the quintessential low-wage job.”
(Excerpt) Read more at wsj.com ...
Sixty-two percent of construction firms reported few or no qualified applicants and 46 percent cited the shortage of qualified labor as their top business problem. Comparable figures for manufacturing were 63 percent and 24 percent respectively.
Sounds like they are sugarcoating this a little, the problems are much much worse. Millenialitis is a prevalant disease throughout SoCal, not to mention most just don’t know anything, At ALL!!
Less regulation lets small firms compete against larger firms on a more level playing surface. This is leading to a much more balanced economy. The follow on effects are growing larger and the American economy will just keep on WINNING!
Both guys have told me that they could be at least twice as big, but they cannot get {and keep} good workers.
It is a shame that we have opportunity and not enough folks willing to fill the need.
Any future Dem President will vaporize these jobs. Quick to create and quick to kill. They will crater this economy
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