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According to the National Federation of Independent Business, small business growth was up in October with 14% of businesses reporting they increased their number of workers by an average of 3.1 workers per firm. Only 9% trimmed their workforces by an average 3.5 employees. While 55% of those surveyed hired, or tried to hire, one or more workers, 27% reported unfilled job openings. A tightening job market was confirmed by the finding that more than eight in 10 found few or no qualified applicants for unfilled positions.
In regards to sales, seasonally unadjusted, 29% reported higher sales while 23 percent indicated lower sales. Expected real-sales volumes remained at September’s solid level, with a net 17% foreseeing higher real sales in coming months, seasonally adjusted.
Business owners were also pleased with October’s inventory levels with a net 0% reporting gains, down one point (seasonally adjusted). Unadjusted, those with increases nearly matched those with drawdowns.
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