Small businesses, the engine behind roughly 60 million American jobs, are pulling back on hiring at a pace not seen since the early months of the pandemic. The latest NFIB Jobs Report shows unfilled job openings fell to 29% in May, while net hiring plans slid to just +9%, both hitting their lowest marks since May 2020.
The numbers behind the pullback
The drop in unfilled job openings was sharp. In April, 34% of small business owners reported positions they couldn’t fill. By May, that figure had fallen five full percentage points to 29%.
Net hiring plans, which measure the share of businesses planning to add workers minus those planning to cut, fell to +9%. That’s a four-point drop from April and sits below the long-term historical average of +11%.
Despite the pullback in plans and openings, 55% of small business owners said they either hired or attempted to hire in May. That’s actually a slight uptick from the previous month.
