America’s small businesses, including the much-vaunted Mom and Pop’s, have long been regarded as the backbone of the nation’s economy, accounting for just under 50% of all U.S. employees.
But now, according to a new survey released by the National Federation of Independent Business, many of those small businesses are feeling increasingly negative regarding the strength of the national economy as it heads into the final quarters of 2021.
According to the group’s most recent jobs report, some 49% of small business owners said their less-than optimistic outlook is due to the large number of job openings they have that have gone unfilled.
According to the report, that is the highest such percentage recorded since 1974.
Skepticism regarding future business conditions are additionally being fueled by other factors. In a statement, Bill Dunkelberg, chief economist with the National Federation of Independent Business, said business owners “are also reporting that supply chain disruptions are having an impact on their businesses.”
“Ultimately,” continued Dunkelberg, “owners could sell more if they could acquire more supplies and inventories from their supply chains.”
While 61% of the owners surveyed reported either trying to hire, or are actually hiring in July, an overwhelming 91% said they said had too few or unqualified applicants for the positions they were trying to fill.
Among construction firms, 66% reported few or unqualified applicants for open positions.
As of July, some 43% of small business owners reported having job openings for skilled workers, with 25% having job openings for unskilled workers.
Dunkelberg additionally noted that, in an effort to attract a qualified workforce, owners are “raising compensation to the highest levels in 48 years.”
By Garry Boulard
