According to a recently published National Federation of Independent Business (NFIB) report, small businesses are having a hard time finding qualified workers. “The percentage of small companies not able to fill open positions hit 36 percent in June” which is an all time high for a survey that goes back to 1973.
It has been hard to understand the exact reason for this, but many have attributed the issue to be due to the economy being at almost full employment. Despite the lack employees, small business optimism hoovers around record highs as since December 2016, “the index has averaged an “unprecedented” 105.4, well above the 45-year average of 98 and rivaling the all-time high of 108 in July 1983.”
In another odd occurrence, despite there being 6.6 million open positions in May for more than 6.1 million unemployed persons, wages have not increased as typically seen.The “average hourly earnings rose just 2.7 percent annualized in June, up two-tenths of a point from May.” This signals that alot of openings are most likely for low paying or part time jobs.