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Job creation appears to have stalled on Main Street, in large part because of a shortage of qualified workers. Yet small firms are also handing out fewer raises as they remain unimpressed with many current job applicants. That’s according to the latest monthly employer survey from the National Federation of Independent Business, due out later today. NFIB Chief Economist William Dunkelberg reports: The post-Covid labor market appears to have mostly normalized on Main Street. Jobs are plentiful albeit declining…
while qualified applicants are scarce but increasing for some industries. The average net gain in employment was essentially 0, with 14% cutting jobs and 11% adding workers. Speaking of those unclaimed opportunities to work, NFIB notes: In October, 32% (seasonally adjusted) of all owners reported job openings they could not fill in the current period, unchanged for the second consecutive month. Before September that number had been higher in monthly readings going back to December 2020. The picture continues to be one of a deteriorating but still fairly good market for those
willing to work. Mr. Dunkelberg reports:
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