New Hiring Froze in September

Seasonally adjusted, 10 percent of the owners reported adding an average of 2.2 workers per firm over the past few months, and 14 percent reduced employment an average of 3 workers. The remaining 77 percent of owners made no net change in employment. Fifty-one (51) percent of the owners hired or tried to hire in the last three months and 41 percent (80 percent of those trying to hire or hiring) reported few or no qualified applicants for open positions.

The percent of owners reporting hard to fill job openings fell 1 point to 17 percent of all owners. Not seasonally adjusted, 10 percent plan to increase employment at their firm (down 3 points), and 11 percent plan reductions (up 2 points). Seasonally adjusted, the net percent of owners planning to create new jobs fell 6 points to four percent, a historically weak reading, especially in a recovery.